Opening Bellhttp://www.businessinsider.com/category/opening-bell
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http://www.businessinsider.com/opening-bell-may-23-2016-2016-510 things you need to know today (MON, BAYGN, ANTM, CI, TPUB, GCI, JPY, USD, SPY, SPX, DJI, IXIC, USO, WTI, OIL, VDE, QQQ, TLT, TLO)http://www.businessinsider.com/opening-bell-may-23-2016-2016-5
Mon, 23 May 2016 07:03:06 -0400Akin Oyedele
<p><img style="float:right;" src="http://static1.businessinsider.com/image/5742e2ef910584145c8c4361-1017-763/gettyimages-533602326.jpg" alt="pink clock fire burning swinging billboard awards" data-mce-source="Reuters/Mario Anzuoni" data-mce-caption="Pink performs &amp;quotJust Like Fire&amp;quot at the 2016 Billboard Awards in Las Vegas, Nevada, May 22, 2016." /></p><p>Hello. Here's what you need to know:</p>
<p><a href="http://www.businessinsider.com/r-bayer-announces-62-billion-offer-for-monsanto-2016-5"><strong>Bayer made a $62 billion bid for Monsanto.</strong></a> The German drugs and chemicals group offered to buy the American seeds company for $122 a share in cash in a deal worth $62 billion including debt. Monsanto had said last week that Bayer made an unsolicited offer, which was rebuffed by investors. <span style="line-height: 1.5em;">A merger would create the world's largest agricultural supplier. It would also represent a milestone in a year that has been sluggish for mergers and acquisitions after early market volatility. Bayer sees <span>annual synergies to earnings of about $1.5 billion after three years. Its shares fell 3% in Frankfurt trading; Monsanto jumped 9% premarket in New York.</span></span></p>
<p><span style="line-height: 1.5em;"><span><a href="http://www.reuters.com/article/usa-fed-rosengren-idUSL2N18J0HG"><strong>The Federal Reserve continues to prep markets for a possible rate hike in June.</strong></a> Boston Fed president Eric Rosengren <a href="http://www.ft.com/intl/cms/s/0/5ea7e4be-203f-11e6-9d4d-c11776a5124d.html">told the Financial Times</a> that the conditions for another rate hike were "on the verge of broadly being met." Last week, several FOMC members spoke in favor of an interest-rate hike at their meeting next month if key economic data continued to be strong. On </span></span><span style="line-height: 1.5em;"><span>Wednesday, <a href="http://www.businessinsider.com/fed-minutes-may-18-2016-5">minutes of the Fed's April meeting</a> showed that there was some disagreement among members, as expected, but that a June hike was clearly on the cards.</span></span></p>
<p><span style="line-height: 1.5em;"><span><a href="http://www.bloomberg.com/news/articles/2016-05-22/japan-s-exports-post-seventh-monthly-decline-on-stronger-yen"><strong>The strong yen is crushing Japan's exports.</strong></a> The amount of goods sold abroad fell 10.1% in April, more than the Bloomberg estimate for a 9.9% fall, as imports slumped 23.3%. That left a trade surplus of 823.5 billion yen ($7.5 billion), the largest since March 2010, the Ministry of Finance said. The yen's appreciation this year, by as much as 9% versus the dollar, has made Japanese goods less attractive to overseas buyers using other currencies. Separately, a preliminary survey showed that <a href="http://www.businessinsider.com/r-japan-may-factory-activity-shrinks-most-in-over-three-years-as-orders-slump-flash-pmi-2016-5">Japanese manufacturing activity</a> shrank at the fastest pace in over three years amid a drop in new orders. The Markit/Nikkei Flash Japan Manufacturing Purchasing Managers Index (PMI) fell to 47.6 in May on a seasonally adjusted basis, from a final 48.2 in April.</span></span></p>
<p><span style="line-height: 1.5em;"><span><strong><a href="https://www.markiteconomics.com/Survey/PressRelease.mvc/8d2ed2141ceb459b81a9524fb43908b1">European PMIs were slightly lower than expected in May.</a> </strong><span>Preliminary figures from Markit's Purchasing Manager's Index showed that European industry expanded marginally less than expected in the month, with a composite reading of 52.9, down from 53 in April, and lower than the 53.2 forecast. Activity in Europe's service sector was flat at 53.1. PMIs </span><span>are given as a number between 0 and 100. Anything above 50 signals growth, while anything below means contraction.</span></span></span></p>
<p><span style="line-height: 1.5em;"><span><a href="http://www.reuters.com/article/us-tribunepublishing-m-a-gannett-exclusi-idUSKCN0YE09H"><strong>Tribune Publishing rejected Gannett's latest $864 million takeover offer.</strong></a>&nbsp;The proposal of $15 per share in cash was inadequate, Tribune CEO Justin Dearborn said in a statement. "We stand ready to work with Gannett to assess whether there is a path forward that will create more value for both sets of shareholders," Dearborn said. People familiar with the matter had told Reuters that Tribune would share some confidential corporate information with Gannett under a nondisclosure agreement.&nbsp;</span></span></p>
<p><span style="line-height: 1.5em;"><span><a href="http://www.wsj.com/articles/anthem-cigna-privately-bicker-as-they-seek-merger-approval-1463909404"><strong>Anthem and Cigna are quarreling and could delay their merger.</strong></a> The Wall Street Journal reported that disagreements could delay antitrust approvals, which would make the $48 billion deal possible. The report said the two health insurers accused each other of violating the terms of their agreement announced last July. Cigna CEO David Cordani and Anthem CEO Joseph Swedish have disagreed in the past few months, particularly over Cordani's role in the new company. A deal would create America's largest health insurer by members.</span></span></p>
<p><span style="line-height: 1.5em;"><span><strong><a href="http://www.cnn.com/2016/05/22/politics/hillary-clinton-donald-trump-polls/">Polls show the gap between Hillary Clinton and Donald Trump narrowing.</a></strong> A Washington Post-ABC News poll released over the weekend showed that the presumptive Republican nominee had gained 11 points since March, giving him a lead of 46% to 44%. In an NBC News/Wall Street Journal poll, 54% viewed Clinton unfavorably, versus 58% for Trump. Both polls were within the margin of error, suggesting a neck-and-neck race.</span></span></p>
<p><span style="line-height: 1.5em;"><span><strong>"<a href="http://www.bloomberg.com/news/articles/2016-05-22/-angry-birds-unseats-captain-america-for-top-box-office-spot">Angry Birds" dominated the weekend box office.</a></strong> The Sony-distributed adaptation of the wildly popular smartphone game raked in $39 million at its debut in the US and Canada, while "Captain America: Civil War" earned $33.1 million and placed second in its third weekend, according to Bloomberg. The success of "Angry Birds" should support Rovio Entertainment, the game's maker, which has trimmed jobs amid slow merchandise sales.</span></span></p>
<p><span style="line-height: 1.5em;"><span><strong><a href="http://www.investing.com/indices/indices-futures">Futures rebounded, pointing to a near-flat open&nbsp;on Wall Street.</a>&nbsp;</strong>Treasurys gained, and the yield on the 10-year note fell 2 basis points to 1.828%. West Texas Intermediate crude futures for July delivery slipped 1.1% to $47.87 a barrel.</span></span></p>
<p><strong>The data calendar is light.</strong> San Francisco Fed president John Williams speaks at 8 a.m. ET. Markit's preliminary manufacturing PMI for May is due at 9:45 a.m. ET. A ton of<a href="http://www.businessinsider.com/monday-scouting-report-may-23-2016-5"> housing data and the second estimate of first-quarter gross domestic product</a> will be released later this week; <a href="http://www.businessinsider.com/monday-scouting-report-may-23-2016-5">you can check out our full preview here</a>.</p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/federal-reserve-awake-to-markets-2016-5" >The Fed has come back to life</a></strong></p>
<p><a href="http://www.businessinsider.com/opening-bell-may-23-2016-2016-5#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="http://www.businessinsider.com/donald-trump-pro-business-plan-lack-of-progress-caused-major-dollar-reversal-2017-8">Trump's lack of progress has caused a major dollar reversal</a></p> http://www.businessinsider.com/opening-bell-december-1-2015-1210 things you need to know today (SPY, DJI, IXIC, MS, MFRM, AMZN, TGT, WMT, PYPL)http://www.businessinsider.com/opening-bell-december-1-2015-12
Tue, 01 Dec 2015 07:17:11 -0500Akin Oyedele
<p><img style="float:right;" src="http://static6.businessinsider.com/image/565d8f42c2814449008b64b1-3433-2575/rtx1wbz6.jpg" alt="pope francis kiss" data-mce-source="Reuters/Stefano Rellandini" data-mce-caption="ope Francis kisses a child as he visits the refugee camp of Saint Sauveur in the capital Bangui, Central African Republic, November 29, 2015." /></p><p>Good morning. Here's what you need to know:</p>
<p><strong><a href="http://www.businessinsider.com/activity-across-chinas-manufacturing-sector-tanked-last-month-2015-11">Chinese manufacturing activity was below expectations in November.</a></strong> The official purchasing manager's index (PMI) was 49.6, missing expectations for an unchanged print of 49.8. A reading below 50 indicates contraction. The unofficial Caixin-Markit reading rose 0.3 points to 48.6 (48.3 expected). A stabilization of output volumes, and export orders expanding at the fastest pace in 13 years, inched up the index, though domestic demand was still weak, according to Markit. The services sector was more robust, with the nonmanufacturing PMI at 53.6, the highest level since July.</p>
<p><strong><a href="http://www.bloomberg.com/news/articles/2015-12-01/german-unemployment-rate-falls-to-record-low-on-domestic-demand">Germany's unemployment rate fell to a record low last month.</a></strong> The rate fell to 6.3% from 6.4%. The Bundesbank said Germany's economic momentum was "quite strong," and the labor market was driving domestic demand even though exports were slowing down, according to Bloomberg.</p>
<p><a href="http://www.businessinsider.com/south-korean-exports-november-2015-2015-12"><strong>South Korean exports dropped 4.7% in November year-on-year.</strong></a> This was better than the expected 9% plunge. Korean exports essentially represent the world's imports, and the data is based on hard transactions instead of surveys. The headline bump was boosted by a jump in exports of shipping vessels (totaling $2.19 billion of $44.4 billion), which Barclays economists speculated was because of a large order from a European country.</p>
<p><strong><a href="http://www.businessinsider.com/automakers-are-about-to-do-something-in-the-us-thats-never-happened-before-2015-11">Barring a major drop in December, US auto sales are set for a record year.</a> </strong>The latest data from the big carmakers is due Tuesday, and the forecast is for growth at an annualized pace of 18.10 million vehicles, according to Bloomberg. The prior annual peak was set in 2000 at 17.4 million. Sales are being driven by an aging fleet that needs replacement, cheap gas, easier credit, and the availability of jobs, among other things.</p>
<p><strong><a href="http://www.businessinsider.com/chinese-yuan-has-become-a-reserve-currency-2015-11">The Chinese yuan is now a global reserve currency.</a></strong> <span>The International Monetary Fund made it official on Monday, placing the yuan alongside the dollar, the yen, the euro, and the pound in the special drawing rights (SDR) basket. It will make up 10.92% of the basket, slightly lower than the 14% to 16% estimate previously made by IMF staff. IMF managing director Christine Lagarde said the yuan's inclusion was "a clear indication of the reforms" China had implemented. This could benefit the yuan, as big money managers move their holdings to the currency.</span></p>
<p><strong><a href="http://www.businessinsider.com/morgan-stanley-cutting-fixed-income-jobs-2015-11">Morgan Stanley may lay off a quarter of its fixed-income trading staff</a></strong> within the next two weeks, according to Bloomberg. The investment bank's bond-trading revenues fell 42% year-on-year in the third quarter, and CEO James Gorman described it as the worst three months for fixed income, currencies, and commodities since he took the position in 2010.</p>
<p><strong><a href="http://finance.yahoo.com/news/mattress-firm-buy-sleepys-780-214249668.html">Mattress Firm is buying its rival Sleepy's for $780 million.</a></strong> The deal would make the new company the country's largest specialty retailer of mattresses, and it is expected to close during the first half of fiscal 2016. The combined company would operate about 3,500 stores in 48 states and achieve cost savings of about $40 million by the third year from the deal, Reuters reported.&nbsp;</p>
<p><strong>The Cyber Monday sales estimates&nbsp;are trickling in</strong>, and they're looking good.&nbsp;<span>Adobe Digital Index estimated that&nbsp;sales were up 12% year-on-year to $2.98 billion. The websites of&nbsp;<span>Target, PayPal, Walmart, and Victoria's Secret, among a few others, experienced periodic&nbsp;outages or slow checkout times. In a press release, Amazon said the holiday weekend was the best ever for its own devices. &nbsp;</span></span></p>
<p><strong>Global stock markets are mostly green</strong>. At 7 a.m. ET, China's Shanghai Composite was up 0.36%, or 12 points, while the Euro Stoxx 50 was up 0.1%, or 5.5 points. Germany's Dax was down 7 points, or 0.08%. Dow futures were up 72 points.&nbsp;</p>
<p>Besides auto sales, US manufacturing PMIs from ISM and Markit, and construction spending numbers, are due Tuesday&nbsp;morning. The American Petroleum Institute's weekly oil inventories data is&nbsp;expected after the close.&nbsp;</p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/citis-willem-buiter-on-negative-interest-rates-2015-11" >The most creative thing central banks have done since the financial crisis has had 'unspectacular' results</a></strong></p>
<p><a href="http://www.businessinsider.com/opening-bell-december-1-2015-12#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="http://www.businessinsider.com/the-bottom-line-ray-dalio-bridgewater-bitcoin-investing-trump-trade-is-back-2017-9">THE BOTTOM LINE: The 'Trump trade' is back and Ray Dalio breaks down the bitcoin bubble</a></p> http://www.businessinsider.com/opening-bell-may-23-2014-510 Things You Need To Know This Morning (DIA, SPY, QQQ, GPS, HPQ)http://www.businessinsider.com/opening-bell-may-23-2014-5
Fri, 23 May 2014 06:41:00 -0400Rob Wile
<p><img style="float:right;" src="http://static4.businessinsider.com/image/537f2533eab8ea712da0f9dd-1200-924/arizona-wildfire-1.jpg" border="0" alt="arizona wildfire" /></p><p>Good morning! Here's what you need to know.</p>
<p><strong>REPORT: The Beats Deal Is Indeed On. </strong>A source <a href="http://techcrunch.com/2014/05/22/apples-beats-deal-is-happening-and-its-a-dre-acquihire/">confirmed</a> to TechCrunch today that Apple's Beats deal is in fact happening, and that Apple isn't after their hardware but rather their talent. &nbsp;</p>
<p><strong>Uber Raising $500 million.</strong>&nbsp;The company would be valued at more than $12 billion, <a href="http://online.wsj.com/news/articles/SB10001424052702303749904579578391290739768?mg=reno64-wsj&amp;url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702303749904579578391290739768.html">the Wall Street Journal said</a>. Investors are said to include BlackRock,&nbsp;<span style="font-size: 15px; line-height: 1.5em;">General Atlantic and Technology Crossover Ventures.</span><span style="font-size: 15px; line-height: 1.5em;"><br /></span></p>
<p><strong>Hewlett Packard Is Cutting 16,000 Jobs.&nbsp;</strong>The computer giant's earnings were right in-line with forecasts, while revenue came in slightly short."</p>
<p><strong>Gap Earnings. </strong>The retailer beat earnings forecasts by a penny, and posted revenues higher than consensus. Still, net sales climbed just 1%, and they plan to close 70 stores. Shares were up slightly after hours.</p>
<p><strong>Even More GM Recalls Are Likely.</strong>&nbsp;<span style="font-size: 15px; line-height: 1.5em;">Barclays analyst Brian Johnson met with senior management at GM and said the automaker is using new techniques to uncover potential defects, <a href="http://www.cnbc.com/id/101698235">according to CNBC</a>. As a result, "It is possible that GM may issue further recalls for vehicles, which may have already been recalled." GM recalls now total about 5 million vehicles, and the automaker took a $1.3 billion charge in Q1</span></p>
<p><strong>New Home Sales.&nbsp;</strong>The Census releases new home sales data for April at 10 a.m. Consensus is for 420,000, up from 384,000.</p>
<p><strong>Pork Shortage. </strong>The deadly virus that's swept through U.S. hog stocks last fall has caused cold storage pork reserves to fall by&nbsp;17% , <a href="http://www.reuters.com/article/2014/05/22/usa-pork-storage-idUSL1N0O827M20140522">the USDA said</a>. Lean hog prices <a href="http://finviz.com/futures_performance.ashx?v=17">are up 36% YTD</a>.</p>
<p><strong><span>Barclays Fined For Gold Deals.&nbsp;</span></strong><span>The British firm&nbsp;<a href="http://www.businessinsider.com/r-barclays-fined-44-million-for-gold-price-setting-failures-2014-23#ixzz32X0dtcPr">settled charges</a>&nbsp;one of its traders manipulated prices. "</span><span>It is the first bank to be fined over attempted gold market manipulation, although a source said the Barclays fine was a one-off case and not part of a wider investigation into gold market price rigging," Reuters said. &nbsp;</span></p>
<p><span><strong>Weaker Euro.&nbsp;</strong></span>The euro fell against the dollar for the fourth-straight day as German business confidence fell, fueling speculation the&nbsp;European Central Bank&nbsp;will boost stimulus, <a href="http://www.bloomberg.com/news/2014-05-22/asian-futures-rise-as-yen-holds-drop-baht-forwards-gain.html">Bloomberg said</a>. Spanish and Italian bond yields climbed.<span style="font-size: 15px; line-height: 1.5em;">&nbsp;</span></p>
<p><span><strong>Markets.&nbsp;</strong>U.S. futures are higher. Markets in Asia were up across the board. Europe markets were higher with the exception of France.</span></p>
<p><strong>Emerging Markets Are Back.&nbsp;</strong><span style="font-size: 15px; line-height: 1.5em;">Emerging market stocks have rallied back to the pre-taper levels, <a href="http://on.ft.com/1n9dqWa">the FT said</a>, one day on from the rout's first anniversary.</span></p>
<p><span>&nbsp;</span></p><p><a href="http://www.businessinsider.com/opening-bell-may-23-2014-5#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/opening-bell-may-20-2014-510 Things You Need To Know Before The Opening Bell (DIA, SPY, QQQ)http://www.businessinsider.com/opening-bell-may-20-2014-5
Tue, 20 May 2014 07:38:00 -0400Rob Wile
<p><img src="http://static3.businessinsider.com/image/537b3dd969bedd962d384fb2-1200-800/rtr3ptxm.jpg" border="0" alt="monkey" /></p><p>Good morning! Here's what you need to know.</p>
<p><strong>GoPro IPO Coming.&nbsp;</strong>The camera maker <a href="http://www.businessinsider.com/gopro-files-ipo-2014-5">filed an S-1</a> Monday afternoon. They generated just under $1 billion in revenue last year and they're already profitable.</p>
<p><strong>AstraZeneca Deal On Life Support.&nbsp;</strong>Some shareholders of the British drug giant <a href="http://www.reuters.com/article/2014/05/20/us-astrazeneca-pfizer-shareholders-idUSBREA4J09520140520">are trying</a> to revive talks with Pfizer after the American firm said it was done making offers.&nbsp;</p>
<p><strong>Home Depot Earnings.&nbsp;</strong>The home supplies giant reported Q1 revenue that missed forecasts, but said sales in non weather-related items were steady, and did not change its full-year outlook. Still, shares were down more than 1% premarket.</p>
<p><strong>Credit Suisse Guilty.&nbsp;</strong>The Justice Department <a href="http://www.bloomberg.com/news/2014-05-20/credit-suisse-rises-as-u-s-guilty-plea-ends-3-year-probe.html">wrung out</a> a guilty plea in a criminal tax fraud case from the Swiss bank, which agreed to pay a $2.6 billion fine.&nbsp;</p>
<p><strong>Microsoft Presents. </strong>CEO Satya Nadella <a href="http://www.usatoday.com/story/tech/2014/05/19/microsoft-announcement-surface/9296169/">is expected to present</a> an update on the Surface tablet at 11 a.m. eastern.</p>
<p><strong>UK Inflation Higher. </strong>British consumer price data topped forecasts but there was little market reaction. The FT <a href="http://on.ft.com/1nhY2Fb">quotes</a> PIMCO's Mike Amey: "<span>The basic theme of little inflation risk remains intact. For the MPC, the labour market is the key to the path of monetary policy. The MPC will start to raise interest rates when the economy can withstand it &ndash; that means average earnings need to rise from their current 1.7%."</span></p>
<p><strong>Australian Dollar Dips.&nbsp;</strong><span style="font-size: 15px; line-height: 1.5em;">Australia&rsquo;s dollar dropped to a two-week low against the greenback as the nation&rsquo;s central bank signaled it was likely to maintain record-low interest rates, <a href="http://www.businessweek.com/news/2014-05-19/euro-near-three-month-low-versus-yen-before-ecb-officials-speak">Businessweek said</a>.&nbsp;<span>&ldquo;The picture is turning quite negative for the Australian dollar,&rdquo; said Ian Stannard, head of European foreign-exchange strategy at Morgan Stanley in London. &ldquo;The RBA assessment is fairly downbeat. The Aussie&rsquo;s recovery since the beginning of the year could well be tested.&rdquo;</span></span></p>
<p><strong>Futures Lower.</strong><span style="font-size: 15px; line-height: 1.5em;">&nbsp;U.S. markets are set to open down. Stocks in Europe were also off. Hong Kong's Hang Seng was up 0.57%, and Japan's Nikkei climbed 0.49%.&nbsp;</span><strong><span style="font-size: 15px; line-height: 1.5em;">&nbsp;</span></strong></p>
<p><span style="font-size: 15px; line-height: 1.5em;"><strong>No data.&nbsp;</strong>The New York Fed's William Dudley and the Philadelphia Fed's Charles Plosser speak today.<br /></span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">&nbsp;<strong>JP Morgan: A Bubble Is Out There.&nbsp;</strong>In a recent note,&nbsp;Jan Loeys, the bank's global head of asset allocation, warned of a new financial crisis when the Fed begins raising rates, <a href="http://on.ft.com/1nhCjxf">the FT says</a>. "<span style="font-size: 15px; line-height: 1.5em;">Before CPI inflation has a chance to emerge, and before monetary policy is truly above neutral, a financial bubble will have popped up somewhere and will have corrected, pushing the economy down," Loeys writes. "</span><span style="font-size: 15px; line-height: 1.5em;">That is what has happened in the past 25 years. The behavior of central banks gives us no confidence that this time will be different: Central banks talk about financial instability, but appear to define this mostly in term of bank leverage. Each successive boom and bust is always in another place. A bubble can emerge without leverage."</span></span></p><p><a href="http://www.businessinsider.com/opening-bell-may-20-2014-5#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/opening-bell-may-8-2014-2014-510 Things You Need To Know This Morning (DIA, SPY, SPX, QQQ, TSLA, FDX)http://www.businessinsider.com/opening-bell-may-8-2014-2014-5
Thu, 08 May 2014 07:13:00 -0400Sam Ro
<p><img src="http://static1.businessinsider.com/image/536b5d5169beddaf5333ed14-1200-800/rtr3o5tf.jpg" border="0" alt="upside down weird yellow canary bird red house" /></p><p>Good morning! Here's what you need to know.</p>
<p><strong>Chinese Exports Surge</strong>. China's exports climbed by 0.9%, beating expectations for a 3.0% decline. The growth rate, however, is most likely much high as experts agree that last year's stats were artificially boosted by false trades largely to Hong Kong. "Export growth data was inflated by around 10pp in April last year based on our estimations," <a href="http://www.businessinsider.com/china-trade-april-2014-2014-5">said Bank of America Merrill Lynch's Ting Lu</a>. "So actual export growth could be around 10% in April if we adjust for this distortion, compared to 4-5% of adjusted exported growth in March." Meanwhile, imports increased by 0.8%, which was much stronger than the 2.1% drop expected. China's trade surplus increased to $18.5 billion.</p>
<p><strong>Big Bank Woes</strong>. Five years after the global financial crisis, we continue to hear about banks scrambling to restructure and reinvigorate their operations. Earlier today, <a href="http://www.businessinsider.com/r-barclays-to-axe-19000-jobs-under-revival-plan-2014-08">Barclays confirmed</a> speculation that the it would be cutting its headcount. Management expect to let go of 19,000 employees over the next three years in its plan to boost long-term profitability.</p>
<p><strong>Tesla Tumbles</strong>. Tesla shares are down by around 5% in premarket trading. The electric car maker announced <a href="http://www.businessinsider.com/tesla-q1-earnings-2014-5">Q1 adjusted earnings per share</a> of $0.12, which was better than the $0.07 expected by analysts. The company delivered 6,457 models S during the period, which was also better than most analysts' forecasts. "We still plan to invest $650-850 million for the year in capital expenditures for increased production capacity, growth in our store, service center and Supercharger footprints, Model X and S development and start of Gigafactory construction," said Musk. "With all these initiatives, we expect to be slightly free cash flow negative in 2014, before considering the equity required for leasing."</p>
<p><strong>Greece's Labor Market Nightmare</strong>. Greece's unemployment rate fell to <a href="http://www.businessinsider.com/greece-unemployment-rate-267-2014-5">26.7% in February</a>. Unfortunately, we can only say "fell" because January's unemployment rate was revised up to 27.2% from an earlier estimate of 26.7%. The unemployment rate for those 15 to 24 years old is at a horrific 56.8%.</p>
<p><strong>Market Update. Markets around the world are in the green.</strong> In Asia, Japan's Nikkei closed up 0.9% and Hong Kong's Hang Seng climbed 0.4%. In Europe, Britain's FTSE, France's CAC 40, and Germany's DAX are all up by around 0.5%. U.S. stock market futures are modestly in the green.<strong><br /></strong></p>
<p><strong>Bank Of England Does Nothing</strong>. As expected, the <a href="http://www.businessinsider.com/bank-of-england-announces-no-change-2014-5">BoE kept its benchmark interest rate unchanged</a> at 0.5% and its asset purchase plan unchanged &pound;375 billion.</p>
<p><strong>European Central Bank May Tweak Its Policy</strong>. As expected, the ECB kept its benchmark interest rate unchanged at 0.25%. However, ECB President Mario Draghi <a href="http://www.businessinsider.com/ecb-monetary-policy-announcement-may-2014-2014-5">said he'd be prepared to take action</a> during its June meeting. This sent the euro on a nosedive.</p>
<p><strong>Jobless Claims</strong>. <a href="http://www.businessinsider.com/jobless-claims-may-8-2014-5">Claims fell to 319,000</a> from from 345,000 a week ago. This was better than the 325,000 expected by economists.</p>
<p><strong>FedEx's New Price Plan</strong>. The <a href="http://online.wsj.com/article/SB10001424052702304655304579547632772245734.html">WSJ's Laura Stevens</a> reports that FedEx will charge its ground packages by size and dimensions instead of weight.</p>
<p><strong>The Rise Of Alibaba's Jack Ma</strong>. The <a href="http://www.nytimes.com/2014/05/08/technology/the-unlikely-ascent-of-jack-ma-alibabas-founder.html">NYTimes' Neil Gough and Alexandra Stevenson</a> have an interesting profile of Jack Ma, the found of Chinese e-commerce behemoth Alibaba. "The first time Jack Ma used the Internet, in 1995, he searched for &ldquo;beer&rdquo; and &ldquo;China&rdquo; but found no results," they report. "Intrigued, he created a basic web page for a Chinese translation service with a friend. Within hours, he received a handful of emails from around the world requesting information."</p><p><a href="http://www.businessinsider.com/opening-bell-may-8-2014-2014-5#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/tech-things-to-know-2014-210 Tech Things You Need To Know This Morninghttp://www.businessinsider.com/tech-things-to-know-2014-2
Fri, 07 Feb 2014 07:11:00 -0500Caroline Moss
<p><img style="float:right;" src="http://static3.businessinsider.com/image/52f3f750ecad04462f42bd1c-480-/chromebox-for-meetings-1.png" border="0" alt="Chromebox for meetings" width="480" /></p><p>Good morning!</p>
<p>Here's what you need to know as you head into the weekend.</p>
<p><a href="http://blog.erratasec.com/2014/02/that-nbc-story-100-fraudulent.html#.UvRmi2RDtmk">1. That story on NBC journalists being "hacked" in Sochi isn't completely true</a></p>
<p><a href="http://9to5mac.com/2014/02/06/exclusive-apple-just-procured-enough-sapphire-crystal-furnaces-to-make-100-200m-5-inch-iphone-displays-in-arizona/">2. It<span>&nbsp;</span>appears that Apple is planning to build sapphire-crystal displays for future iPhones</a></p>
<p><a href="http://recode.net/2014/02/06/linkedin-to-acquire-job-seeking-site-bright-for-120-million/">3.&nbsp;<span>LinkedIn announced on Thursday it plans to acquire Bright, a data-driven job search startup, for $120 million.</span></a></p>
<p><a href="http://techcrunch.com/2014/02/06/opentable-ness/">4.&nbsp;</a><span><a href="http://techcrunch.com/2014/02/06/opentable-ness/">Restaurant reservation platform OpenTable today reported quarterly earnings of $52.3 million and used the day to put out some other news: the company has acquired Ness</a>.<a href="http://techcrunch.com/2014/02/06/opentable-ness/"></a></span><a href="http://techcrunch.com/2014/02/06/opentable-ness/"></a></p>
<p><a href="http://online.wsj.com/news/article_email/SB10001424052702303496804579367543198542118-lMyQjAxMTA0MDAwNjEwNDYyWj">5.&nbsp;</a><span><a href="http://online.wsj.com/news/article_email/SB10001424052702303496804579367543198542118-lMyQjAxMTA0MDAwNjEwNDYyWj">Apple Inc. has bought $14 billion of its own shares in the two weeks since reporting financial results that disappointed Wall Street</a>.<a href="http://online.wsj.com/news/article_email/SB10001424052702303496804579367543198542118-lMyQjAxMTA0MDAwNjEwNDYyWj"></a></span><a href="http://online.wsj.com/news/article_email/SB10001424052702303496804579367543198542118-lMyQjAxMTA0MDAwNjEwNDYyWj"></a></p>
<p><a href="http://thenextweb.com/gadgets/2014/02/06/ex-googlers-announce-beep-pandora-enabled-wifi-controller-streaming-music-speaker/">6.&nbsp;<span>&nbsp;A pair of ex-Googlers have launched Beep, a beautiful WiFi-equipped dial that lets you stream music to any speaker with a line-in port.</span></a></p>
<p><a href="http://www.theverge.com/2014/2/6/5387326/googles-acquisition-of-nest-wins-ftc-approval">7.&nbsp;<span>The US Federal Trade Commission has cleared the way for Google to purchase Nest for $3.2 billion in cash.&nbsp; After Mountain View announced the buyout earlier this year, Google stated it expected the deal to close in the next few months.</span></a></p>
<p><a href="http://techcrunch.com/2014/02/06/now-with-75-of-all-traffic-coming-from-apps-pinterest-revamps-its-mobile-website/">8.&nbsp;<span>Pinterest is today launching a new version of its mobile website, which the company says is &ldquo;complete rewrite and redesign&rdquo; aimed at better integrating the features found in Pinterest's native mobile applications.</span></a></p>
<p><a href="http://recode.net/2014/02/06/google-changes-homepage-to-protest-russias-anti-gay-law/">9.&nbsp;<span>Google changed its homepage (not just in the U.S., but also in Russia) to a rainbow-themed sports illustration that links to the portion of the Olympic Charter, known as Principle 6, that declares the right of people to participate in sport without discrimination of any kind.</span></a></p>
<p><a href="http://www.bloomberg.com/news/2014-02-06/aereo-reopens-new-york-online-tv-service-to-new-subscribers-1-.html">10.&nbsp;Aereo opened back up to New Yorkers! Now you can watch the Olympics!</a></p><p><a href="http://www.businessinsider.com/tech-things-to-know-2014-2#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/opening-bell-tuesday-4-2014-210 Things You Need To Know This Morning (SPX, SPY, DIA, DJI, QQQ)http://www.businessinsider.com/opening-bell-tuesday-4-2014-2
Tue, 04 Feb 2014 07:10:00 -0500Matthew Boesler
<p><img src="http://static2.businessinsider.com/image/52f0d839eab8eadb20c2ff11-800-/rtx186nz.jpg" border="0" alt="Wreckage" width="800" /></p><p></p>
<p>Good morning. Here's what you need to know.</p>
<p>&mdash; U.S. markets appear to have stabilized somewhat this morning after a big sell-off yesterday. In a reversal of recent moves, S&amp;P 500 futures are up nicely, U.S. Treasury note futures and gold futures point to declines, and the dollar is gaining against the euro and the yen, while emerging-market currencies are gaining against the dollar. Overnight in Asia, however, markets were down big &mdash; the Japanese Nikkei 225 fell 4.2% and the Hong Kong Hang Seng, which was closed in recent sessions for the Lunar New Year as other markets around the world sold off, fell 2.9%. And in Europe, stock markets are in the red across the board, with Germany's DAX leading indices lower.</p>
<p>&mdash; Vehicle sales unexpectedly fell to 15.2 million units at a seasonally adjusted annualized rate in January from 15.3 million in December. Economists were looking for a rise to 15.7 million SAAR. Many auto manufacturers &mdash; including General Motors, Ford, Toyota, and Honda &mdash; cited unseasonably cold weather last month as a factor behind the drop.</p>
<p>&mdash; The Reserve Bank of Australia left its benchmark policy rate unchanged at 2.5%, as expected. However, the central bank got rid of the easing bias in its policy statement by adding the line, "<span>On present indications, the most prudent course is likely to be a period of stability in interest rates," and the Australian dollar surged. "<span>There is some back and forth on domestic developments, but, together, these statements suggest that the exchange rate is approaching levels at which the RBA is more comfortable and that policymakers are removing the threat of using their most powerful tool to drive it lower (changes in interest rates)," says Todd Elmer, an FX strategist at Citi. "This will be viewed by the market as an all-clear signal on the currency and is likely to invite a further reversal of short-positions among leveraged investors."</span></span></p>
<p>&mdash; The release of results of Markit's monthly U.K. construction Purchasing Managers Index survey revealed the sharpest rise in construction output last month since August 2007. The PMI unexpectedly rose to 64.6 from December's 62.1 reading. "<span style="line-height: 1.5em;">Housing activity growth now stands at its strongest </span><span style="line-height: 1.5em;">for just over a decade, boosted by growing demand for new homes and improving confidence within the UK property market," said Tim Moore, a senior economist at Markit, <a href="http://www.markiteconomics.com/Survey/PressRelease.mvc/a06d326f6fdf4bc4886e92532257af35">in the release</a>. "Meanwhile, strengthening domestic economic conditions spurred greater spending on commercial projects in January. A sharp rise in civil engineering activity completed an impressive showing from all three sub-categories of construction monitored by the survey."</span></p>
<p>&mdash; Shares are UBS are higher after the <a href="http://www.businessinsider.com/ubs-beats-earnings-and-the-stock-is-rallying-2014-2">Swiss bank reported earnings</a> that tripled analysts' consensus estimate.&nbsp;<span>"All in, this is a mixed set of results. On the positive side, there is a substantial 'beat' on capital," wrote Goldman Sachs analysts in a note. "On the negative side, the all-important trends in the private bank were muted &mdash; flat margin, and in-line net new money."</span></p>
<p>&mdash; Shares of Yum! Brands are higher in pre-market trading following the <a href="http://www.businessinsider.com/yum-brands-rallies-after-strong-earnings-2014-2">release of earnings results</a> for the quarter ended December 31. Earnings per share were $0.86, above the $0.79 consensus estimate, but revenues were only $4.19 billion, versus expectations for $4.25 billion. Same-store sales fell in the fourth quarter, but the company reaffirmed its forecast for double-digit earnings growth this year.</p>
<p>&mdash; At 8:30 AM ET, Richmond Fed president Jeffrey Lacker will speak on the economy. At 12:30 PM, Chicago Fed president Charlie Evans will speak on monetary policy.</p>
<p>Monthly U.S. factory orders data are due out at 10:00 AM. Economists predict total orders fell 1.8% in December after rising 1.8% in November. <a href="http://www.businessinsider.com/moneygame">Follow the data LIVE on Business Insider &raquo;</a></p>
<p>&mdash; The ranks of the unemployed in Spain <a href="http://www.rttnews.com/2262765/spanish-unemployment-rises-in-january.aspx">rose 2.4% in January</a> from the previous month as Christmas-season jobs ended, but fell 3.3% from the previous year &mdash; marking the best January for the labor market since 2007. Youth unemployment rose 4.0% from a month earlier, but fell 7.5% from a year earlier.</p>
<p>&mdash; "Of note, a new poll out in Italy suggests that under the new electoral reform, a center-right coalition (ostensibly led by Berlusconi) would win without need of a run-off," write Brown Brothers Harriman currency strategists in a note to clients this morning. "The center-left (Renzi) can make a fight of it, trailing 36% to 37.9%. The 5-Star Movement is polling just shy of 21%."</p>
<p><span style="text-decoration: underline;"><strong>MARKET COMMENTARY</strong></span></p>
<p>"The last time the Nikkei traded below 14,000, back in September, USD/JPY was below 97, and the correlation between equities and USD/JPY is good enough to make that a potential target as old, stale yen shorts are squeezed out by the current equity and emerging-market turmoil. Emerging-market currencies and developed-market equity indices have been the biggest beneficiaries of super-easy Fed policy, and after a long period where EM FX bore the brunt of the change in the tide of Fed policy, equity markets are now reacting. Are they going to play catch-up?"</p>
<p><em>&mdash;Kit Juckes, a global strategist at Soci&eacute;t&eacute; G&eacute;n&eacute;rale</em></p><p><a href="http://www.businessinsider.com/opening-bell-tuesday-4-2014-2#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/opening-bell-wednesday-29-2014-110 Things You Need To Know This Morning (SPX, SPY, DIA, DJI, QQQ, YHOO)http://www.businessinsider.com/opening-bell-wednesday-29-2014-1
Wed, 29 Jan 2014 06:48:00 -0500Matthew Boesler
<p><img src="http://static6.businessinsider.com/image/52e8ea2f6bb3f7b87033b5db-800-/chinese-health-workers.jpg" border="0" alt="Chinese health workers" width="800" /></p><p></p>
<p>Good morning. Here's what you need to know.</p>
<p>&mdash; At an emergency midnight meeting, the Central Bank of the Republic of Turkey <a href="http://www.businessinsider.com/cbrt-decision-2014-1">announced massive rate hikes</a> to shore up the Turkish lira, which has been plummeting to successive all-time lows against the U.S. dollar in recent weeks amid a government corruption scandal and deteriorating economic fundamentals. The central bank's benchmark overnight lending rate was&nbsp;<span>raised to 12% from 7.75%, while the repo rate was raised to 10% from 4.5% and the overnight borrowing rate was hiked to 8% from 3.5%. The lira surged on the news but has already given back most of its gains early in Wednesday trading.</span></p>
<p><span>&mdash; The Federal Open Market Committee announces its final policy decision under the leadership of Federal Reserve chairman Ben Bernanke at 2 PM ET. The widespread consensus is that the FOMC will move forward with another $10 billion reduction to its monthly bond-buying program, but the bigger question is how it might seek to modify the language in its policy statement to strengthen its forward guidance on the likely path of short-term interest rates.</span></p>
<p><span>&mdash; Ahead of the FOMC announcement, gold is up and the dollar is down against the euro and the yen. S&amp;P 500 futures have been falling all morning and now point to a negative open. Treasuries are poised to open slightly lower as well. Markets in Asia rallied overnight &mdash; the Japanese Nikkei 225 advanced 2.7%, the Hong Kong Hang Seng rose 0.8%, and the Shanghai Composite gained 0.6%. European markets are rallying, led by Spain's IBEX 35.</span></p>
<p>&mdash; Shares of Yahoo! Inc. are down more than 3% in pre-market trading following the <a href="http://www.businessinsider.com/yahoo-q4-earnings-2014-1">release of earnings results</a> for the quarter ended December 31. Earnings per share were $0.46, better than the consensus estimate of $0.38, but display ad revenue fell 9% year over year to $1.9 billion, prompting concerns over the company's core business.</p>
<p>&mdash; President Obama delivered his annual State of the Union address last night. "There were not any big policy surprises or announcements on energy/environment policy, housing, student loans, or healthcare," says Chris Krueger, a policy analyst for Guggenheim Partners in Washington, D.C.&nbsp;"'Opportunity for All' was relatively light on partisanship that covered many similar themes heard in previous States of the Union (tax reform, energy independence, gun control, patent reform, etc.) that are perennial topics in D.C. each year."<span><br /></span></p>
<p>&mdash; At 11:30 AM, the U.S. Treasury will auction $15 billion of 2-year floating-rate notes, marking its first new product offering in years. "<span>Auction statistics may be hard to interpret without any historical bid/cover or indirect bids as comparison, but we expect decent participation from dealers as well as customers," say Nomura interest rate strategists. "However, we will not be surprised to see a bit of concession as dealers look to build up inventory only at attractive levels, while some customers take a wait-and-see approach at this inaugural FRN auction. Looking past the clearing level at&nbsp;</span><span class="aBn" data-term="goog_703559299"><span class="aQJ">11:30 AM</span></span><span>, we expect buyers of various investor classes to provide strong support for new FRN, especially on any yield spread cheapening."</span></p>
<p>&mdash; The Reserve Bank of New Zealand will announce its latest decision on monetary policy at 3 PM ET. Economists predict the central bank will leave its official cash rate unchanged at 2.50%. "D<span>ovish lean on the meeting is increasingly strong," says Todd Elmer, a currency strategist at Citi. "We believe this gives rise to risk for New Zealand dollar strengthening beyond expectations on even a modest hawkish surprise and we believe this argues for maintaining long exposure."</span></p>
<p>&mdash; Market research company GfK's German consumer confidence indicator rose to 8.2 from last month's 7.6 reading, marking a larger-than-expected gain. "<span style="line-height: 1.5em;">Germans consider the domestic economy to be clearly on the upturn at present," said GfK <a href="http://www.gfk.com/Documents/Press-Releases/2014/20140129_GfK-Consumer-Climate-January-2014_efin.pdf">in a statement</a>. "This is reflected in the fifth consecutive improvement in economic expectations. In the wake of this, income prospects climbed to reach a 13-year high. Willingness to buy also improved and surpassed its seven-year high of the previous month. The considerable increase in the consumer climate is further boosted by a recent slump in propensity to save."</span></p>
<p><span style="line-height: 1.5em;">&mdash; U.K. house prices rose 0.7% in January from a month earlier, slowing from December's 1.4% month-on-month pace of growth but surpassing the consensus estimate, which called for a 0.6% advance. The year-over-year pace of house price appreciation increased to 8.8% in January from 8.4% in December.</span></p>
<p><span style="line-height: 1.5em;">&mdash; South Korea's current account surplus <a href="http://www.ft.com/intl/cms/s/0/cc723f32-8891-11e3-85a2-00144feab7de.html">rose to a record $70.73 billion</a> in 2013. Meanwhile, the global economic "canary in the coal mine" also saw industrial output expand 3.4% from the previous month in December, marking the strongest gain since June 2009.</span></p>
<p><span style="line-height: 1.5em;"><span style="text-decoration: underline;"><strong>MARKET COMMENTARY</strong></span></span></p>
<p><span style="line-height: 1.5em;">"Today's main event is the U.S. FOMC meeting, after London goes home. The Fed will probably deliver a further $10 billion in 'tapering' &mdash; cutting Treasury and MBS purchases by $5 billion each. That would surprise no one, but from India to the U.S., we are now in a global monetary policy tightening cycle, and that is likely to resurrect the bear market in Treasuries. 10-year yields, having fallen to 2.7% amid the EM weakness, will head back toward 3% in the days ahead. How fast they rise will determine how long the improvement in risk sentiment lasts, but within G-10, rising U.S. yields at a time of economic outperformance leave us wanting to be long USD.</span></p>
<p><span style="line-height: 1.5em;">"As for the wider picture, the turn in the Fed cycle is causing volatility in markets over-reliant for too long on super-easy Fed policy. The slow, uneven process by which a new equilibrium is reached with investors differentiating between 'carry' and genuine investment opportunities, is going to drag on for much of the year. Volatility will return."</span></p>
<p><em><span style="line-height: 1.5em;">&mdash;Kit Juckes, a global strategist at Soci&eacute;t&eacute; G&eacute;n&eacute;rale</span></em><span style="line-height: 1.5em;">&nbsp;</span></p>
<p>"We believe the ECB&rsquo;s most likely next easing step could be a refi rate cut. The ECB could also add more (excess) liquidity by suspending SMP sterilisation or cutting reserve requirements. A deposit rate cut and forward guidance remain on the agenda, while we do not see a conditional LTRO as measured response to a moderate tightening of money market rates.</p>
<p>"Excess liquidity has come down as banks have repaid LTROs, and, in turn, the EONIA has moved higher within the ECB&rsquo;s corridor. That means that the refi rate &ndash; the top of the ECB corridor &ndash; has become more effective, while the deposit rate &ndash; the floor of the ECB corridor &ndash; has become less effective. A refi rate cut is a low-risk/low-impact measure and could be seen as an easy compromise to signal that the ECB is still there, whatever it takes."</p>
<p><em>&mdash;Lars Peter Lille&oslash;re,&nbsp;Alexander Wojt, and Anders Svendsen, analysts at Nordea</em></p>
<p><span>"The global equity market&rsquo;s newfound volatility seems to have had a novel impact on investors: money flows related to U.S.-listed exchange traded funds are actually negative in the year to date and will likely end up in the red for the month of January. While not quite white-rhino rare, we are so accustomed to ETFs reliably (if not inexorably) drawing capital that these outflows merit a brief review.</span></p>
<p><span style="line-height: 1.5em;">"Through yesterday, U.S.-listed ETFs had lost $8.5 billion from redemptions. Pinpointing the culprit isn&rsquo;t difficult: SPY, EEM, VWO, IWM and QQQ represent a combined $22 billion of year-to-date ETF redemptions. Putting the data in context, the easiest conclusion is that both the unusually negative ETF flows and the recent spot of volatility both have the same cause: payback for some end-of-2013 fast money flows into U.S. stocks. Market action from the Fed's announcement (</span><span class="aBn" style="line-height: 1.5em;" data-term="goog_703563222"><span class="aQJ">Wednesday</span></span><span style="line-height: 1.5em;">) to the next jobs report (a week from&nbsp;</span><span class="aBn" style="line-height: 1.5em;" data-term="goog_703563223"><span class="aQJ">Friday</span></span><span style="line-height: 1.5em;">) will tell us if the easy explanation is also the right one."</span></p>
<p><em><span style="line-height: 1.5em;">&mdash;Nicholas Colas, chief market strategist at ConvergEx Group</span></em></p><p><a href="http://www.businessinsider.com/opening-bell-wednesday-29-2014-1#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/opening-bell-friday-24-2014-110 Things You Need To Know This Morning (SPY, QQQ, DIA, EBAY, MSFT)http://www.businessinsider.com/opening-bell-friday-24-2014-1
Fri, 24 Jan 2014 07:15:00 -0500Steven Perlberg
<p><img style="float:right;" src="http://static2.businessinsider.com/image/52e253bceab8eaf75fa0b307-480-/rafael-nadal-australian-open.png" border="0" alt="rafael nadal australian open" width="480" /></p><p>Good morning. Here's what you need to know.</p>
<p>&mdash;&nbsp;Global financial markets continue to get rocked even after <a href="http://www.businessinsider.com/closing-bell-january-23-2014-2014-1">Thursday's massive sell-off</a>, with the deepest moves coming from emerging markets.&nbsp;Asian markets got whacked in overnight trading, with Japan's Nikkei down 1.94% and Hong Kong's Hang Seng 1.25% lower. European markets were down across the board, with France off the most. And U.S. futures are deep in the red with Dow futures down a whopping 96 points.</p>
<p>&mdash; A <a href="http://www.businessinsider.com/cairo-car-bomb-2014-1">car bomb killed at least four people</a> and wounded 50 at the main Egyptian police headquarters in Cairo. "<span style="line-height: 1.5em;">The blast shook and damaged nearby buildings, including a museum and courthouse, and sent black smoke rising above the Egyptian capital as a large number of ambulances rushed to the scene," the AP reported. The attack, which the AP called "hugely symbolic," comes&nbsp;<span>on the eve of the third anniversary of the riots that led to Hosni Mubarak's 2011 ouster.</span></span></p>
<p><span style="line-height: 1.5em;">&mdash; The Australian dollar <a href="http://www.businessinsider.com/australian-dollar-falls-after-rideout-comments-2014-1">continues its vicious bloodletting</a>. The currency has closed lower on 12 of the last 14 weeks. "</span><span style="line-height: 1.5em;">The RBA is actively trying to talk the Aussie dollar down because it is concerned that up until around 3 months ago the Aussie traders weren&rsquo;t reacting to the deterioration in the&nbsp;terms of trade&nbsp;in the manner they should have been &ndash; by selling," writes Business Insider Australia's Greg McKenna. "</span><span style="line-height: 1.5em;">It&rsquo;s Friday night before a public holiday in Australia which could make trading thinner than normal given the extra day traders need to hold any positions instituted tonight."</span></p>
<p><span style="line-height: 1.5em;"><span>&mdash; JP Morgan CEO&nbsp;</span><span></span><a href="http://dealbook.nytimes.com/2014/01/23/fined-billions-bank-approves-raise-for-chief/?hp">Jamie Dimon just got a raise</a><span>. The New York Times reports that Dimon, who saw his pay reduced to a measly $11.5 million last year following the London Whale debacle, fared better this year. The Times didn't have an exact figure, but the boardroom debate "</span><span>pitted a vocal minority of directors who wanted to keep his compensation largely flat, citing the approximately $20 billion in penalties JPMorgan has paid in the last year to federal authorities, against directors who argued that Mr. Dimon should be rewarded for his stewardship of the bank during such a difficult period," according to the report.</span></span></p>
<p>&mdash; Reuters reports that activist investor Carl Icahn's has a <a href="http://www.businessinsider.com/icahn-ebay-stake-2-percent-2014-1">larger stake in in eBay</a> than previously disclosed. Icahn's stake is closer to 2%, according to the report. Icahn has said he hopes the company will spin off its highly-profitable PayPal unit. He also announced Thursday that he <a href="http://www.businessinsider.com/carl-icahn-open-letter-to-apple-2014-1">bought&nbsp;another $500 million worth of Apple stock</a>, bringing his total to $3.6 billion.</p>
<p>&mdash; Microsoft <a href="http://www.businessinsider.com/microsoft-earnings-2014-1">beat earnings expectations</a> yesterday right after the bell. Revenue came in at $24.52 billion versus the $23.68 billion consensus estimate, while EPS was $0.78 against the $0.68 consensus. The stock traded up 3% after hours.</p>
<p><span>&mdash; Nobel Prize-winner Robert Shiller knows a thing or two about bubbles. And at a panel at the World Economic Forum in Davos, <a href="http://www.businessinsider.com/robert-shiller-bitcoin-2014-1">Shiller said that Bitcoin certainly is one</a>.&nbsp;<span>"It is a bubble, there is no question about it.... It's just an amazing example of a bubble," he said, adding that he's "<span>amazed by how people are so excited about it." He tells his students, "<span>No, it's not such a great idea."</span></span></span></span></p>
<p><span><span><span>&mdash; British Prime Minister David Cameron thinks he will be able to <a href="http://www.businessinsider.com/cameron-comments-on-staying-in-the-eu-2014-1">keep the U.K. in the European Union</a>, Reuters reports. Cameron will give citizens an "in/out" referendum on a plan to reshape EU ties if reelected next year. </span></span></span><span style="line-height: 1.5em;">"I'm confident that we'll have a successful renegotiation and a successful referendum," he said during a session at the World Economic Forum in Davos.&nbsp;</span><span style="line-height: 1.5em;">"I'm confident this is do-able, deliverable and, as I say, winnable for Britain to stay in a reformed&nbsp;European Union."</span></p>
<p><span style="line-height: 1.5em;">&mdash; The Japanese government predicts that <a href="http://www.businessinsider.com/shinzo-abe-wont-meet-his-budget-balance-promise-2014-1">Prime Minister Shinzo Abe won't be able to meet his budget-balancing promise</a> under his current spending plan, Reuters reports. "</span><span style="line-height: 1.5em;">Forecasts by the&nbsp;Finance Ministry, reviewed by Reuters on Friday, show that even in the rosiest of four scenarios, the government will run a primary budget deficit - which excludes debt service and income from debt sales - for the fiscal year to March 2021," according to the report. "</span><span style="line-height: 1.5em;">Under existing policy,&nbsp;Abe's government&nbsp;has promised to halve the primary deficit by fiscal 2014/15 and bring it into balance five years later."</span></p>
<p><span style="line-height: 1.5em;"><span>&mdash; Droughts have been&nbsp;</span><a href="http://www.businessinsider.com/cattle-prices-hit-record-2014-1">crushing beef prices</a><span>.&nbsp;</span><span>Live cattle contracts hit $1.43/lb. yesterday, the highest since the contract started in 1964. "There are a lot of&nbsp;</span><span class="il">cattle</span><span>&nbsp;in America &ndash; just over 89 million head in total &ndash; but those numbers are down from 94 million in 2010," wrote ConvergEx's Nick Colas. "Pasture land doesn&rsquo;t recovery from drought in just one or two years, so ranchers have to maintain lower herd sizes even when the weather improves. It did so this year, but numerous articles in local farming community newspapers seem to indicate that ranchers remain cautious despite this year&rsquo;s better environment.&nbsp;Bottom line: U.S. herds are at a 60 year low and seem likely to remain depressed." And in other environment-related news, there is a&nbsp;</span><span></span><a href="http://www.businessinsider.com/propane-shortage-2014-1">massive propane shortage</a><span>&nbsp;in the United States right now.</span></span></p><p><a href="http://www.businessinsider.com/opening-bell-friday-24-2014-1#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/opening-bell-friday-8-2013-1110 Things You Need To Know This Morning (SPX, SPY, DIA, DJI, QQQ, GRPN)http://www.businessinsider.com/opening-bell-friday-8-2013-11
Fri, 08 Nov 2013 07:23:00 -0500Matthew Boesler
<p><span style="line-height: 1.5em;"><img style="float:right;" src="http://static2.businessinsider.com/image/527cd827ecad04585c0cd406-480-/typhoon-10.jpg" border="0" alt="Typhoon" width="480" />Good morning. Here's what you need to know.</span></p>
<ul>
<li>Markets in Asia were lower in overnight trading. The Japanese Nikkei 225 fell 1.0%, the Hong Kong Hang Seng fell 0.6%, and the Shanghai Composite fell 1.1%. European markets are in the red across the board, with CAC 40 leading the way lower, down 1.0%. In the United States, futures point to a positive open.</li>
<li>The October jobs report is due out from the U.S. Bureau of Labor Statistics at 8:30 AM ET. Economists predict the 120,000 American workers were added to nonfarm payrolls in October, down from 148,000 in September. Due to data collection issues posed by the government shutdown last month, the unemployment rate is expected to tick up to 7.3% from September's 7.2% rate, but this is not reflective of an actual rise in unemployment. <strong><a href="http://www.businessinsider.com/october-nfp-preview-2013-11">Click here for a complete preview &raquo;</a></strong></li>
<li>Chinese exports and imports <a href="http://www.businessinsider.com/october-chinese-trade-data-2013-11">both surprised to the upside in October</a>, rising 5.6% and 7.6% from a year earlier, respectively, versus consensus estimates of 1.7% and 7.4%. The better-than-expected numbers caused China's trade balance to swell to $31.1 billion in October from $15.2 billion the month before.</li>
<li>German exports rose 1.7% from the previous month in September, well ahead of estimates for a 0.4% advance, while imports unexpectedly contracted. The numbers caused Germany's trade balance to rise to&nbsp;<span>&euro;</span>20.4 billion from <span>&euro;</span>13.3 billion in August.</li>
<li>In the week ended November 6, investors pulled $1.8 billion from global equity funds, while bond funds recorded $1.7 billion in inflows. The majority of equity outflows were from U.S. funds, which saw $7.5 billion in redemptions over the period.</li>
<li>Groupon <a href="http://www.businessinsider.com/groupon-q3-earnings-2013-10">reported adjusted third-quarter earnings of $0.02 per share</a>, above consensus estimates for $0.02 EPS. Revenues, however, were only $595.1 million, below estimates for $615.7 million, fourth-quarter guidance was below estimates. Shares are slightly higher in pre-market trading.</li>
<li>September personal income and consumer spending data are also released at 8:30 AM. Economists predict incomes rose 0.3% in September after advancing 0.4% in August. Consumer spending is expected to have risen 0.2% in September after expanding 0.3% in August.</li>
<li>The University of Michigan releases preliminary results of its November consumer confidence survey at 9:55 AM. The survey's headline index plummeted to 73.2 in October, weighed down by the effects of the government shutdown. Economists predict the index rebounded to 74.5 this month. <a href="http://www.businessinsider.com/moneygame">Follow all of the data LIVE on Business Insider &raquo;</a></li>
<li>At 12 PM ET, Atlanta Fed president Dennis Lockhart speaks on the economic outlook at the University of Mississippi. He will take questions from the audience and reporters following his remarks. Then, at 4 PM, San Francisco Fed president John Williams speaks on monetary policy and the economy in Los Angeles. He will also take questions afterward.</li>
<li>Federal Reserve chairman Ben Bernanke will speak on a panel about financial crises at an IMF conference at 3:30 PM. Bernanke will be joined on the panel by former Bank of Israel Governor Stanley Fischer, former U.S. Treasury Secretary Larry Summers, and Harvard economist Kenneth Rogoff.</li>
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Fri, 01 Nov 2013 06:55:00 -0400Steven Perlberg
<p><span style="line-height: 1.5em;"><img style="float:right;" src="http://static6.businessinsider.com/image/527386ae6bb3f75e35c39d57-480-/rob-ford-1.png" border="0" alt="rob ford" width="480" />Good morning. Here's what you need to know.</span></p>
<ul>
<li>Asian markets were mixed, despite the release of <a href="http://www.businessinsider.com/global-october-manufacturing-pmi-2013-10">positive growth figures</a>. Japan's Nikkei was down 0.88%; Hong Kong's Hang Seng was up 0.19%; and Korea's KOSPI was up 0.46%. European markets were all down, but U.S. futures were pointing north.</li>
<li>Last night, the world's major economies <a href="http://www.businessinsider.com/global-october-manufacturing-pmi-2013-10">began publishing their October manufacturing PMI reports</a>. Most of the Asian economies showed improvement, with Korea at 50.2 (up from 49.7), China at 51.4 (up from 51.1), Taiwan at 53.0 (up from 52.0), and Indonesia at 50.9 (up from 50.2). Australia <a href="http://www.businessinsider.com/australia-october-pmi-2013-10">jumped to 53.2 from 51.7</a>, showing signs of life after struggling during the emerging market slowdown. We'll continue to get more data throughout the morning, so <a href="http://www.businessinsider.com/global-october-manufacturing-pmi-2013-10">check out the full scorecard here</a>.</li>
<li>China's <a href="http://www.businessinsider.com/october-china-hsbc-manufacturing-pmi-2013-10">HSBC manufacturing PMI rose to 50.9 in October</a> from 50.2 in September, beating economist expectations of 50.7. "<span>The final HSBC China Manufacturing PMI rose to a seven-month high in October, with the stronger momentum of manufacturing growth translating into the first expansion of employment since March," wrote HSBC's Hongbin Qu. "This in turn should support private consumption growth in the coming months. China is on track for a gradual growth recovery."</span></li>
<li><span>As a prelude to the positive PMI prints in Asia, last night <a href="http://www.businessinsider.com/south-korean-exports-october-2013-2013-10">South Korea released its trade figures</a>. Exports soared 7.3% year-over-year, much stronger than the 2.3% expected.&nbsp;<span>"This may be considered as evidence of stronger economic activity at a first sight," wrote <span>Societe Generale's Suktae Oh</span>. "But we prefer to be more cautious on interpretation: it is more likely to represent a return to a normal level after the temporary weakness caused by the summer season and Chuseok holidays."</span></span></li>
<li>Today marks the final day in an <a href="http://www.businessinsider.com/monday-scouting-report-oct-28-2013-2013-10">unusually busy week of U.S. economic data</a>. At 9:00 a.m. ET, we'll get Markit's U.S. PMI reading. Economists are expecting the index to come in at 51.0 for October. "What happened to the U.S. economy in October is a crucial question, since A) the economy may have already started slowing going into the month and B) we had the government shutdown/debt ceiling crisis," <a href="http://www.businessinsider.com/october-ism-and-chicago-pmi-2013-10">wrote our Joe Weisenthal</a>.</li>
<li>At 10:00 a.m., the ISM manufacturing survey will be released. Economists estimate that the index dropped to 55.1 in October from 56.2.&nbsp;"We expect the index to pull back slightly in October to 55.2, as the government shutdown, along with fears around the debt ceiling debate, begin to weigh on business confidence and thus new order activity," <a href="http://www.businessinsider.com/monday-scouting-report-oct-28-2013-2013-10">Wells Fargo's John Silvia wrote clients</a>. "While we still expect industrial output to increase in the current quarter, the upside potential likely has been limited by the fiscal policy uncertainty of the past few weeks. This uncertainty is expected to continue given the short-term nature of the deal to end the federal shutdown."</li>
<li>This afternoon we'll also see September vehicle sales. Economists are looking for the annualized pace of sales to grow to 15.4 million units, from 15.21 million.&nbsp;"[I]ndustry surveys indicate that increased consumer caution during the government shutdown led to weak sales results in the first half of the month," <a href="http://www.businessinsider.com/monday-scouting-report-oct-28-2013-2013-10">wrote Morgan Stanley's Ted Wieseman</a>. "Retail demand appears to have improved significantly after the shutdown ended, and fleet sales picked up, but with the weak start only a modest rebound in sales for the month as a whole is expected."</li>
<li>Oil giant Chevron will report earnings before the opening bell, with analysts expecting an EPS of $2.71. Investors will also be looking at whether the company can echo <a href="http://www.fool.com/investing/general/2013/10/31/exxon-mobil-earnings-fall-18-but-production-rises.aspx">Exxon's boost in oil and gas production</a>.</li>
<li>The Royal Bank of Scotland's new chief executive Ross McEwan said <a href="http://www.businessinsider.com/rbs-warns-of-horrible-numbers-and-the-stock-is-falling-2013-11">the bank will take a huge loss this year</a>, announcing that "&pound;38bn of troublesome assets would be ringfenced inside the bailed out bank," the Guardian's Jill Treanor reports. "<span style="color: #222222; line-height: 1.5em;">In an move that was seen as an attempt to restore the often strained relationships with the government and regulators, McEwan also made clear he wanted to draw a line under lingering concerns about the bank's capital position," according to the report.</span></li>
<li><span style="color: #222222; line-height: 1.5em;">The Euro continues to take a dive today as market-watchers worry that low inflation will spur the ECB to cut interest rates maybe as early as next week, <a href="http://online.wsj.com/news/articles/SB10001424052702304527504579171080391367644?mod=WSJ_hp_LEFTWhatsNewsCollection">the Wall Street Journal's Michele Maatouk reports</a>. "</span><span style="color: #222222; line-height: 1.5em;">The single currency dropped 1.1% against the dollar Thursday after data showed that inflation in the euro zone fell to a near four-year low in October. Early Friday, the euro dropped further, fetching $1.3532 from $1.3582 late Thursday in New York." Some analysts say the ECB will cut rates in December, according to the report.&nbsp;</span></li>
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Thu, 31 Oct 2013 06:48:00 -0400Steven Perlberg
<p><img style="float:right;" src="http://static3.businessinsider.com/image/5272440269bedd205d7d3d08-480-/red-sox-koji-uehara-david-ross.jpg" border="0" alt="red sox koji uehara David Ross" width="480" /></p><p>Good morning. Here's what you need to know.</p>
<ul>
<li>Asian markets closed lower, with Japan's Nikkei down 1.20%; Hong Kong's Hang Seng, 0.42%; and Korea's KOSPI, 1.43%. European markets were all down, with U.S. futures also pointing south.</li>
<li>The <a href="http://www.businessinsider.com/monday-scouting-report-oct-28-2013-2013-10">busy week</a>&nbsp;of economic data continues today with initial jobless claims at 8:30 a.m. ET. Economists expect jobless claims dropped to 338,000. <span>"As the partial federal government shutdown ended in the third week of October, we anticipate few if any additional claims from non-federal workers and contractors," Citi's Peter D'Antonio wrote clients. "Claims may still be at the mercy of the California backlogs, which have plagued the data since early September &ndash; inflating the four-week moving average."</span></li>
<li><span>Then we'll get Chicago PMI &mdash; the monthly measure of business activity &mdash;&nbsp;<span>at 9:45 a.m. Economists estimate the index fell to 55.0 in October from last month's 55.7 print.&nbsp;<span>"We look for the Chicago purchasing managers&rsquo; index to remain roughly unchanged in October, in a relatively solid range," Citi's D'Antonio wrote. "However, we are well aware that the Chicago index tends to jump around a lot. This year the swings have been enormous (and seemingly unrelated to actual changes in activity)."</span></span></span></li>
<li><span><span>Exxon Mobil and ConocoPhillips will both report earnings this morning. Analysts are expecting EPS to come in at $1.77 and $1.45, respectively. But analysts also say Exxon could <a href="http://www.ibtimes.com/exxon-mobil-xom-q3-earnings-profits-seen-falling-15-wtibrent-spread-narrows-1446138">post a 15% profit drop</a> from a year ago as the price of oil squeezes margins.&nbsp;</span></span><span style="line-height: 1.5em;">AIG and Time Warner will also report before the bell.</span></li>
<li><span style="line-height: 1.5em;">Europe saw a round of <a href="http://www.businessinsider.com/euro-zone-unemployment-rate-hits-high-2013-10">brutal unemployment stats this morning</a>. Euro zone unemployment hit a record high 12.2% in September, with Spain's rate staying at a dismal 26.6% and Italy's rising to 12.5%. Youth unemployment edged up to 24.1% from 24.0% and inflation was at only 0.7% year over year, missing economist expectations of 1.1%</span></li>
<li><span style="line-height: 1.5em;">Facebook <a href="http://www.businessinsider.com/live-facebooks-q3-earnings-2013-10">beat on Q3 EPS and revenue</a> when it reported earnings yesterday afternoon, launching the stock up 15% in after hours trading. That was until the earnings call, when&nbsp;CFO David Ebersman said <a href="http://www.businessinsider.com/facebook-shares-are-going-ballistic--stock-is-up-15-2013-10">the company saw a dip in teenage usage</a>. "<span>This seemed to spook the market and the stock fell back to Earth," wrote our Jay Yarow.</span></span></li>
<li><span style="line-height: 1.5em;">The <a href="http://www.businessinsider.com/us-budget-deficit-falls-to-5-year-low-2013-10">U.S. budget deficit fell to a 5-year low</a>, according to data released from the Treasury Department yesterday. The September budget surplus was $75.1 billion, higher than the $69 billion expected by economists. The 2013 fiscal-year deficit was $680.3 billion and revenues from tax receipts reached $2.77 trillion, a record high.</span></li>
<li><span style="line-height: 1.5em;">Japan's manufacturing industry is <a href="http://www.businessinsider.com/october-japan-manufacturing-pmi-2013-10">growing at the fastest pace in 3 years</a>. The country's purchasing managers' index (PMI) climbed to 54.2 in October, up from September's 52.5 reading. It's a 41-month high. "<span>The data signaled that the latest expansion was largely demand-driven and apparently unimpeded by the Prime Minister&rsquo;s recent confirmation of a sales tax hike next April," wrote Markit economist Claudia Tillbrooke. "<span>However, whilst new order growth hit a four-year high and production grew at a similarly sharp pace, employment failed to follow suit in October."</span><span><br /></span></span></span></li>
<li><span style="line-height: 1.5em;"><span>Australian <a href="http://www.businessinsider.com/strong-building-approvals-show-australian-monetary-policy-is-finally-working-2013-10">monetary policy got a pat on the back</a> after the release of September's housing data. Building approvals were up 14.4%.</span></span></li>
<li><span style="line-height: 1.5em;"><span>Sony Corp has <a href="http://www.businessinsider.com/sony-slashes-profit-outlook-with-tv-business-back-in-red-2013-10">slashed its profit outlook after reporting a net loss this quarter</a>. "</span></span><span style="color: #222222; line-height: 1.5em;">With a quarterly net loss of 19.3 billion yen ($197 million), Sony's bad-news Thursday came in stark contrast to an upbeat showing by Japanese peer&nbsp;Panasonic Corp," Reuters reported. "It also stirred doubts about how the best-known Japanese technology company can anchor a turnaround as rivals like Apple Inc and Samsung Electronics Co have gained dominance through heavy investment in new&nbsp;mobile devices."</span></li>
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Wed, 30 Oct 2013 08:30:00 -0400Steven Perlberg
<p><img style="float:right;" src="http://static3.businessinsider.com/image/5270e8ba69bedd214f4a0837-480-/nsa-james-clapper-james-cole-protesters.jpg" border="0" alt="nsa james clapper james cole protesters" width="480" /></p><p>Good morning. Here's what you need to know.</p>
<ul>
<li>Asian markets were all higher, with Japan's Nikkei up 1.23%; China's SSE up 1.48%; and Korea's KOSPI up 0.38%. European markets were heading north too, and U.S. futures looked to be headed up as well.</li>
<li>The economic data deluge continued today with ADP's employment report. <a href="http://www.businessinsider.com/adp-employment-change-october-2013-10">ADP estimated that the private sector added 130,000 workers</a> to payrolls this month, missing economists' estimates for 150,000. It also revised down September's figure from 166,000 to 145,000. The October print was the lowest since May.</li>
<li><a href="http://www.businessinsider.com/consumer-price-index-september-2013-10">Consumer prices rose 0.2% in September</a> from the month previous, right in line with economist expectations. Taking out food and energy, prices only rose 0.1%, below economist expectations of 0.2%.</li>
<li><span style="color: #222222; line-height: 1.5em;">Today concludes the two-day meeting of the Federal Open Market Committee, and the FOMC will update us on its monetary policy at 2 p.m. Economists </span><a href="http://www.businessinsider.com/hornbach-october-2013-fomc-preview-2013-10">do not expect</a><span style="color: #222222; line-height: 1.5em;"> the central bank to taper its asset purchasing program or change interest rates.</span><span style="color: #222222; line-height: 1.5em;">&nbsp;"The market should focus on how the Fed changes the official statement because it could send important signals about future policy actions (or lack thereof),"&nbsp;<a href="http://www.businessinsider.com/october-fomc-preview-29-2013-10">according to Morgan Stanley interest rate strategists</a> Matthew Hornbach and Guneet Dhingra.</span></li>
<li><span style="color: #222222; line-height: 1.5em;">General Motors <a href="http://www.businessinsider.com/q3-gm-earnings-2013-10">beat earnings expectations this morning</a>, reporting Q3 EPS of $0.96 (analysts estimated $0.94). At $39 billion, revenue just missed analyst expectations ($39.38 billion).</span></li>
<li><span style="color: #222222; line-height: 1.5em;">Spain has been slogging through a recession for some time now, but now it looks like the country may have turned the corner. </span><a href="http://www.businessinsider.com/spanish-economy-finally-grows-2013-10">Spain's GDP grew 0.1% in the third quarter</a><span style="color: #222222; line-height: 1.5em;"> after eight consecutive quarters of retraction.</span></li>
<li><span style="color: #222222; line-height: 1.5em;">In other euro-zone news, economic confidence in the area </span><a href="http://www.lse.co.uk/AllNews.asp?code=vtggytxj&amp;headline=Euro_Steady_After_Eurozone_Economic_Confidence_Data">improved to 97.8</a><span style="color: #222222; line-height: 1.5em;"> in October, beating expectations of 97.2 after September's 96.9 print.</span></li>
<li><span style="color: #222222; line-height: 1.5em;">The monster legal settlement reached by JP Morgan and the U.S. government is "</span><a href="http://online.wsj.com/news/articles/SB10001424052702303471004579165752734889742?mod=WSJ_hp_LEFTWhatsNewsCollection">at risk of collapsing</a><span style="color: #222222; line-height: 1.5em;">&nbsp;</span><span style="color: #222222; line-height: 1.5em;">because of disagreements related to a criminal probe of the bank and its effort to get penalties reimbursed by a government-controlled fund," the Wall Street Journal's Devlin Barrett and Dan Fitzpatrick report.</span></li>
<li><span style="color: #222222; line-height: 1.5em;">Brazilian tycoon Eike Batista's oil company </span><a href="http://www.ft.com/intl/cms/s/0/1b7d0158-409d-11e3-ae19-00144feabdc0.html#axzz2jCRoIN62">OGX edged closer toward bankruptcy</a><span style="color: #222222; line-height: 1.5em;">, the FT's Samantha Pearson reports. The company has until tomorrow to make a debt payment, or else it will be considered officially in default. After failing to negotiate with creditors holding $3.6 billion in bonds, OGX says it has enough cash to continue operating through December, according to the FT.</span></li>
</ul>
<ul>
<li><span style="line-height: 1.5em;">Health and Human Services Secretary&nbsp;<a href="http://usnews.nbcnews.com/_news/2013/10/29/21234129-sebelius-to-acknowledge-glitches-pledge-action-in-obamacare-testimony?lite">Kathleen Sibelius will testify before Congress</a>&nbsp;today on the glitchy rollout of Healthcare.gov. She is expected to "</span><span style="line-height: 1.5em;">acknowledge problems" with the the site rollout and "pledge quick fixes to the bug-plagued online health insurance marketplace," NBC's Daniel Arkin reports.</span></li>
</ul><p><a href="http://www.businessinsider.com/opening-bell-wednesday-30-2013-10#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/opening-bell-monday-29-2013-1010 Things You Need To Know This Morning (SPY, QQQ, DIA, HLF, BP, DB, AAPL)http://www.businessinsider.com/opening-bell-monday-29-2013-10
Tue, 29 Oct 2013 06:48:00 -0400Steven Perlberg
<p><img style="float:right;" src="http://static5.businessinsider.com/image/526f8f8c69bedde33c8e42f4-480-/underwater-photo-shoot.png" border="0" alt="underwater photo shoot" width="480" /></p><p>Good morning. Here's what you need to know.</p>
<ul>
<li>Asian markets were mixed, with Japan's Nikkei down 0.49%; Hong Kong's Hang Seng up 0.18%; and Korea's KOSPI also up 0.18%. Europe was up slightly, and U.S. futures looked mixed.</li>
<li>Prepare for another stacked day of economic data. This morning at 8:30 a.m. ET, we'll see U.S. producer price index. Economists are expecting a 0.2% month over month increase, down slightly from 0.3%.</li>
<li>At 8:30 a.m. we'll also get advance retail sales, the monthly measure of of sales at retail outlets. Economists are expecting a flat 0% here, down from 0.2% last month.&nbsp;"Core details should look better than the headline, which should be held back by a drop in auto sales," <a href="http://www.businessinsider.com/monday-scouting-report-oct-28-2013-2013-10">said Credit Suisse's Alex Lebwohl</a>. "On the upside, we look for a pick-up in food sales and a rebound in both building materials and clothing after declines last month."&nbsp;<span style="line-height: 1.5em;">At 9:00 a.m., the S&amp;P/Case-Shiller Home Price Index will be released. Economists expect a 12.50% year-over-year increase in the headline 20-city composite, beating the last 12.39% print.</span></li>
<li>Then at 10:00 a.m., get ready for U.S. consumer confidence. Economists think that the Conference Board's confidence measure dropped to 75.0 in October from 79.7.&nbsp;"Our expectation is that consumer confidence fell again in October as the federal government shutdown and debt ceiling fight began to weigh on consumers," <a href="http://www.businessinsider.com/monday-scouting-report-oct-28-2013-2013-10">said Wells Fargo's John Silvia</a>. "This erosion in consumer confidence would be consistent with the drop in confidence after the last debt ceiling debate in August 2011."</li>
<li><a href="http://www.businessinsider.com/apple-q4-earnings-2013-10">Apple reported earnings</a> after the bell yesterday, posting an EPS&nbsp;<span>$8.26&nbsp;</span><span>versus expectations of&nbsp;</span><span>$7.92. The company bested iPhone sales, with&nbsp;<span>33.8&nbsp;</span><span>million units sold and made&nbsp;<span>$37.5 billion in revenue versus expectations of $36.82 billion.</span></span></span></li>
<li>BP reported a <a href="http://online.wsj.com/news/articles/SB10001424052702304200804579164931242420104?mod=WSJ_hp_LEFTWhatsNewsCollection">33.6% decline in Q3 net profits</a> thanks to lower refining margins, The Wall Street Journal's Justin Scheck reports. "<span>BP has been trying to pull itself out of a three-year retrenchment following the April 2010 Deepwater Horizon explosion and spill in the Gulf of Mexico," according to the Journal. "Since then, BP has sold close to $40 billion in assets and taken more than $42 billion in write-downs related to legal settlements and cleanup costs."</span></li>
<li>Deutsche Bank's <a href="http://www.businessinsider.com/deutsche-bank-earnings-2013-10">net profit fell to a paltry 51 million euros</a> in the third quarter after it put aside over a billion for legal expenses, the AP's David McHugh reports. Compare that with the same quarter a year ago, when the bank's net profit came in at 754 million euros. Net revenues also fell 10%. "<span>It said the deduction to earnings for litigation costs were mostly related to legal action over U.S. residential mortgage-backed securities, investments based on mortgage loans to borrowers with shaky credit," according to the report.</span></li>
<li><span style="line-height: 1.5em;">Multi-level nutritional products company </span><a href="http://www.businessinsider.com/herbalife-third-quarter-earnings-2013-10">Herbalife beat earnings expectations</a><span style="line-height: 1.5em;"> yesterday after the closing bell, posting an EPS&nbsp;</span><span style="line-height: 1.5em;">of $1.41. Revenue was also a beat,&nbsp;at $1.21 billion versus estimates of&nbsp;$1.197 billion.</span></li>
<li><span style="line-height: 1.5em;">The Reserve Bank of India </span><a href="http://www.reuters.com/article/2013/10/29/us-india-economy-cbank-idUSBRE99S05V20131029">lifted interest rates to 7.75%</a><span style="line-height: 1.5em;">, the second time is as many months, Reuters reports. India's central bank warned that "</span><span style="line-height: 1.5em;">inflation is likely to remain elevated despite sluggish growth," according to the report.</span></li>
<li><span style="line-height: 1.5em;">Japanese household spending </span><a href="http://uk.reuters.com/article/2013/10/29/uk-japan-economy-jobs-idUKBRE99R13H20131029">climbed by 3.7% in September</a><span style="line-height: 1.5em;">, the strongest annual gain in six months. The development may be a sign that Prime Minister Shinzo Abe's plan to beat deflation via government spending and easy monetary policy may be working.</span></li>
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Mon, 28 Oct 2013 07:09:00 -0400Steven Perlberg
<p><span style="line-height: 1.5em;"><img style="float:right;" src="http://static5.businessinsider.com/image/526e4151ecad04696c2377ff-480-/nsa-protestor-2.png" border="0" alt="nsa protestor" width="480" />Good morning. Here's what you need to know.</span></p>
<ul>
<li>Asian markets were mostly higher, with Japan's Nikkei up big at 2.19%; Hong Kong's Hang Seng up 0.48%; and Korea's KOSPI, 0.68%. European markets were also mostly up, and U.S. futures were pointing higher too.</li>
<li>Get ready for a <a href="http://www.businessinsider.com/october-pmi-previews-2013-10">big week of economic data</a>. This morning at 9:15 a.m. ET, we'll see the monthly U.S. industrial production figure. Economists are expecting an increase of 0.4%, the same reading as last month.</li>
<li>Then at 10:00 a.m. U.S. pending home sales will be released, tracking residential contract activity for existing homes in September. Economists are expecting a 0% move this month (and 3.5% year over year), as opposed to -1.6% last month.&nbsp;"The gradual rise in interest rates likely played a role in slowing sales in August and likely will keep the bounce back in pending sales restrained in September," <a href="http://www.businessinsider.com/monday-scouting-report-oct-28-2013-2013-10">Wells Fargo's John Silvia wrote to clients</a>. "Going forward, many analysts will be watching the existing housing market indicators now that interest rates are beginning to drop again. The short-term pull back in rates could help to support slightly better sales numbers in the coming months."</li>
<li>At 10:30 a.m., the Dallas Fed will release its manufacturing figure for October. Economists are expecting the regional index to come in at 9.0, down from last month's 12.8 print.</li>
<li>Some big companies will report earnings today. Apple will report after the closing bell, with analysts expecting an EPS of $7.93. Herbalife will also report this afternoon, and analysts are estimating EPS at $1.14. Halfway through earnings season, <a href="http://www.businessinsider.com/goldmans-q3-earnings-season-update-2013-10">it looks like EPS are set to post new records</a>.&nbsp;<span>"</span><span>At $26.85, 3Q 2013 EPS is on track to establish a new quarterly and trailing four-quarter high,"&nbsp;wrote Goldman Sachs strategist Amanda Sneider. "Trailing four-quarter EPS totals $102.13. Despite more sales misses than usual, aggregate sales results are in line with expectations."</span></li>
<li><span><span style="line-height: 1.5em;"><span class="last">The New York Stock Exchange says that <a href="http://www.cbsnews.com/8301-500395_162-57609472/nyse-holds-successful-dry-run-for-twitter-ipo/">Saturday's test run of the Twitter IPO was a success.</a>&nbsp;This was the first time the exchange conducted a mock IPO, likely taken as a precaution after tech giant Facebook's high-profile trading debacle on the NASDAQ in May 2012.</span></span></span></li>
<li>A German newspaper has reported that <a href="http://www.reuters.com/article/2013/10/27/us-germany-usa-spying-idUSBRE99Q09F20131027">Barack Obama knew U.S. intelligence agents were eavesdropping on Angela Merkel's mobile phone</a>&nbsp;as long ago as 2010. According to U.S. officials, the NSA ended a spying program on Merkel and "other world leaders after an internal Obama administration review started this summer revealed to the White House the existence of the operation," <a href="http://online.wsj.com/news/articles/SB10001424052702304470504579162110180138036?mod=WSJ_hpp_LEFTTopStories">reported the Wall Street Journal's Siobhan Gorman and Adam Entous</a>.&nbsp;</li>
<li><span style="line-height: 1.5em;">Dogged by inflation and falling central bank reserves, Argentine President Cristina Fernandez's saw her party's </span><a href="http://www.reuters.com/article/2013/10/28/us-argentina-election-idUSBRE99Q0D820131028">Congressional majority shrink</a><span style="line-height: 1.5em;"> after Sunday's mid-term elections. The development has all but quashed any hope of a constitutional amendment to allow Fernandez a third term, and launched what will be a closely-watched political battle to succeed her in 2015.</span></li>
<li><span style="line-height: 1.5em;">Toyota <a href="http://www.bloomberg.com/news/2013-10-28/toyota-outsells-gm-in-third-quarter-as-abe-gives-edge-to-japan.html">outsold all other carmakers</a> for the second time in three quarters, Bloomberg's&nbsp;<span>Ma Jie</span><span>&nbsp;and&nbsp;</span><span class="last">Yuki Hagiwara report. From July to September, Toyota sold 2.5 million vehicles, up 2.8% from a year earlier. Thanks to Abenomics and a weakened yen, large manufacturers are more confident than they've been since 2007, according to the report.</span></span></li>
<li><span style="line-height: 1.5em;"><span class="last">On Tuesday and Wednesday, the FOMC will hold its October meeting, with market analysts expecting the central bank to remain "on hold" and not taper QE until around March. "Any FOMC effort at balance will come across as hawkish," <a href="http://www.businessinsider.com/october-fomc-preview-2013-10">Citi's Steven Englander wrote to clients</a>, meaning that any slight hint of non-dovishness could jar markets.</span></span></li>
</ul><p><a href="http://www.businessinsider.com/opening-bell-monday-28-2013-10#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/opening-bell-wednesday-23-2013-1010 Things You Need To Know This Morning (SPY, QQQ, DIA)http://www.businessinsider.com/opening-bell-wednesday-23-2013-10
Wed, 23 Oct 2013 08:00:00 -0400Steven Perlberg
<p><img style="float:right;" src="http://static1.businessinsider.com/image/5267a1d269beddae1644181f-480-/old-man-boxing.png" border="0" alt="old man boxing" width="480" /></p><p>Good morning. Here's what you need to know.</p>
<ul>
<li>Asian markets saw a nasty sell-off, with Japan's Nikkei down 1.95%; Hong Kong's Hang Seng, 1.36%; and Korea's KOSPI, 0.99%. European markets were likewise down, and U.S. futures were pointing lower too.</li>
<li>A Chinese bank story from Bloomberg is <a href="http://www.businessinsider.com/heres-the-chinese-bank-story-that-has-markets-on-edge-today-2013-10">causing some worry this morning</a>. "Industrial &amp; Commercial Bank of China Ltd., the world&rsquo;s most profitable lender, and its four largest rivals expunged in the first six months 22.1 billion&nbsp;yuan&nbsp;($3.65 billion) of debt that couldn&rsquo;t be collected, up from 7.65 billion yuan a year earlier, filings showed," according to the report. "That didn&rsquo;t pare first-half&nbsp;profits, which climbed to a record $76 billion, as provisions were set aside in earlier periods when the loans began souring."</li>
<li>Spain finally emerged from recession, <a href="http://www.businessinsider.com/spain-finally-exits-recession-after-9-quarters-2013-10">posting 0.1% GDP growth</a> in the third quarter. The figure broke its 9-quarter negative streak. You've got to start somewhere.</li>
<li>This morning we'll get some data releases on U.S. housing and imports. At 8:30 a.m. ET, U.S. import prices will come in. Economists are expecting a 0.2% increase, up from last month's 0.0%. At 9:00 a.m. we'll have the U.S. house price index. Economists are looking for a 0.8% increase from last month's 1.0% jump.</li>
<li>At 10:00 a.m. the Bank of Canada will announce its interest rate decision. "The Bank of Canada will likely keep its benchmark overnight rate at the 1% level, where it&rsquo;s stood for more than three years, for at least eight more months as disappointing economic growth keeps consumer price pressures near the very bottom of the inflation-target range," <a href="http://blogs.wsj.com/canadarealtime/2013/10/22/economists-see-bank-of-canada-standing-pat-as-growth-disappoints/">report the Wall Street Journal's&nbsp;Nirmala Menon and Don Curren</a>.</li>
<li><span>At 10:00 a.m. we will also see Eurozone consumer confidence. Economists are expecting a -14.5 print, slightly better than the last reading, -14.9. Any number below zero indicates negative consumer sentiment.</span></li>
<li><span>Global machinery giant Caterpillar <a href="http://www.businessinsider.com/caterpillar-q3-2013-earnings-2013-10">reported Q3 earnings</a> before the opening bell this morning.&nbsp;</span><span style="color: #222222; line-height: 1.5em;">Earnings came in at $1.45 per share, much weaker than the $1.67 expected by analysts.&nbsp;<span style="line-height: 1.5em;">Revenue of $13.42 billion was also below the $14.47 billion expected. Boeing also <a href="http://www.usatoday.com/story/money/business/2013/10/23/boeing-3q-earnings/3168953/?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+UsatodaycomMoney-Waggoner+%28USATODAY+-+Waggoner%29">reported earnings</a>. At $1.80 EPS, the company beat analyst expectations of $1.55.</span></span></li>
<li>After yesterday's <a href="http://www.businessinsider.com/the-september-jobs-report-2013-10">weak jobs report</a>, Goldman Sachs' Jan Hatzius wrote clients about <a href="http://www.businessinsider.com/a-depressing-paragraph-from-goldman-about-the-slowdown-in-job-growth-2013-10">the significance of the&nbsp;disappointments of recent months</a>. "<span>The 3-month average gain in nonfarm payrolls is now down to 143,000, the weakest pace since August 2012. Other measures are even softer, with 3-month averages of 82,000 for total household employment growth and 42,000 for 'payroll-consistent' household employment growth," he wrote.</span><span><br /></span></li>
<li><span style="line-height: 1.5em;">Activist investor Carl Icahn </span><a href="http://www.businessinsider.com/carl-icahn-reduces-his-stake-in-netflix-2013-10">reduced his stake in Netflix</a><span style="line-height: 1.5em;">&nbsp;from 9.98% to 4.5%, he tweeted yesterday. It was a pretty solid trade for the hedge funder, who bought Netflix at $58 and sold it $322, a whopping 457% return.</span></li>
<li><span style="line-height: 1.5em;">$13 billion Justice Department settlement aside, investors &mdash; led by Goldman Sachs Asset Management and BlackRock &mdash; <a href="http://www.ft.com/intl/cms/s/0/5172a7c4-3b64-11e3-87fa-00144feab7de.html?siteedition=intl#axzz2iXRIfB7w">are seeking $6 billion from banking giant JP Morgan</a> over mortgage-backed securities sold to them before the financial crisis, the FT reports. Two years in the making, the deal would likely follow the format of the $8.5 billion settlement between investors in Bank of America agreed upon in 2011, according to the report. JP Morgan <a href="http://online.wsj.com/news/articles/SB10001424052702303672404579152042166952178?mod=WSJ_hp_LEFTWhatsNewsCollection">anticipated this case</a> when it set aside $9 billion last quarter for legal matters, according to the WSJ.</span></li>
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Tue, 22 Oct 2013 08:30:00 -0400Steven Perlberg
<p><span style="line-height: 1.5em;"><img style="float:right;" src="http://static2.businessinsider.com/image/52665f446bb3f7314a059248-480-/rtx14f29.jpg" border="0" alt="robot machine bionic man" width="480" />Good morning. Here's what you need to know.</span></p>
<ul>
<li>Asian markets were relatively flat, with Japan's Nikkei up 0.13%; Hong Kong's Hang Seng down 0.52%; and Korea's KOSPI up 0.15%. European markets were also mixed, as were U.S. futures.</li>
<li>This morning we saw the Burea of Labor Statistics jobs report&nbsp;that was postponed during the government shutdown. The U.S. <a href="http://www.businessinsider.com/the-september-jobs-report-2013-10">added just 148,000 jobs</a> in September, missing economist expectations of 180,000. The unemployment rate fell to 7.2% from 7.3%.&nbsp;</li>
<li>Long-term unemployment &mdash; a labor market indicator that Fed chair nominee Janet Yellen has said she keeps an eye on &mdash; <a href="http://www.businessinsider.com/yellen-long-term-unemployment-2013-10">dropped from&nbsp;</a><span><a href="http://www.businessinsider.com/yellen-long-term-unemployment-2013-10">4.29 million to 4.15 million</a>, according to the BLS household survey.<a href="http://www.businessinsider.com/yellen-long-term-unemployment-2013-10"></a></span></li>
<li><span style="line-height: 1.5em;">Apple will hold its <a href="http://www.businessinsider.com/apple-ipad-event-preview-2013-10">second big product announcement event</a> today at 1 p.m. EST. Expect the company to announce a new iPad, iPad mini, launch date for the new operating system, and more.</span></li>
<li>DuPont <a href="http://www.prnewswire.com/news-releases/dupont-delivers-3q-2013-operating-earnings-of-45-per-share-228743321.html">beat earnings expectations this morning</a>, announcing a Q3 EPS of&nbsp;<span class="xn-money">$0.45</span><span>&nbsp;per share compared to&nbsp;</span><span class="xn-money">$o.43</span><span>&nbsp;per share a year ago. Third quarter&nbsp;net sales came in at&nbsp;<span class="xn-money">$7.7 billion</span>, with volume up 9% versus last year.</span></li>
<li>Bitcoin &mdash; everyone's favorite cryptocurrency &mdash; <a href="http://www.businessinsider.com/bitcoin-october-22-2013-10">continued its big surge</a> this morning, with prices blowing past $200 on Mt. Gox. After the abrupt closure of famed internet drug bazaar Silk Road, many expected the digital currency to collapse. That clearly hasn't been the case &mdash; at least not yet.</li>
<li>A strange story emerged yesterday when it was revealed that Israeli Prime Minister Benjamin Netanyahu <a href="http://www.businessinsider.com/larry-summers-turns-down-bank-of-israel-2013-10">offered Larry Summer Israel's chief central banking job</a>. Summers declined, and the situation actually mirrored what happened in the U.S. Like President Obama choosing Janet Yellen, Netenyahu went with Karnit Flug, the first&nbsp;<span>woman to become Governor of the Bank of Israel.</span><span><br /></span></li>
<li>Netflix <a href="http://www.businessinsider.com/netflix-q3-earnings-2013-10">reported earnings after the closing bell yesterday</a>, posting $1.11 billion in revenue and $0.52 EPS, a big beat. The stock surged in after hours trading. <a href="https://twitter.com/bySamRo/status/392381629374558209">As our Sam Ro noted</a>, the movie streaming company finished 2012 at $92. It reached $390 after-hours.&nbsp;</li>
<li>President Obama acknowledged Monday that <a href="http://www.businessinsider.com/obama-obamacare-website-glitches-mandate-2013-10">the Affordable Care Act's website rollout has been flawed</a>. "<span>There's no sugar-coating it," Obama said at an event in the White House's Rose Garden discussing Healthcare.gov's glitches. "T<span><span>he problem has been that the website that's supposed to make it easy to apply for and purchase the insurance is not working the way it should for everybody," he said. "Precisely because the product is good, I want the cash registers to work, I want the checkout lines to be smooth, so I want people to be able to get this great product. And there's no excuse for the problems. And these problems are getting fixed."</span></span></span></li>
<li><span>Mining giant BHP Billiton has <a href="http://www.businessinsider.com/bhp-billiton-raises-iron-ore-production-outlook-2013-10">raised its iron ore production forecast for 2014 to 212 million tonnes</a>&nbsp;thanks to operations in Western Australia, which achieved record output in July-September, Agence France Presse reports. BHP, the world's largest diversified miner, said that overall commodity production had spiked 11% year on year in the three months to September 30.</span></li>
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Mon, 21 Oct 2013 06:31:00 -0400Steven Perlberg
<p><img style="float:right;" src="http://static4.businessinsider.com/image/5264fc79eab8ea9b11ccecfd-480-/banksy-kids.png" border="0" alt="banksy kids" width="480" /></p><p>Good morning. Here's what you need to know.</p>
<ul>
<li>Asian markets were higher, with Japan's Nikkei up 0.91%; Hong Kong's Hang Seng, 0.42%; and Korea's KOSPI, 0.03%. European markets were mixed, and U.S. futures were pointing higher.</li>
<li><span style="color: #222222;">Multiple outlets reported yesterday that <a href="http://www.businessinsider.com/jpmorgan-could-still-face-criminal-charges-2013-10">JP Morgan will pay a $13 billion civil penalty</a> for allegedly failing to warn investors about risky mortgage-backed securities trades. It would be the biggest civil penalty in history, representing about half of the banking giant's record profits last year.</span></li>
<li>Japanese export growth&nbsp;<a href="http://www.reuters.com/article/2013/10/21/japan-economy-idUSL3N0IB00T20131021">missed the mark in September</a>, increasing 11.5% from a year earlier but missing analyst expectations of 15.6%. The development is "a sign that slowing demand in Asia is taking the shine off Prime Minister Shinzo Abe's stimulus policies and clouding the outlook for a budding economic recovery," reports Reuters' Leika Kihara and Tetsushi Kajimoto.</li>
<li>German <a href="http://www.nasdaq.com/article/german-producer-prices-rise-slightly-more-than-forecast-20131021-00037">producer prices climbed 0.3% in September</a>, rising above economist expectations for a 0.1% increase. Prices were still down 0.5% from the year previous. "Muted inflation at Germany's factory gates masks sharp increases in consumer goods prices. Food prices were up 2.7% from September 2012, as prices for butter and milk leapt 32.1% and 18.2% respectively. Wine prices were up 7.5% on the year," reported the Wall Street Journal's Nina Adam.</li>
<li><span style="color: #222222; line-height: 1.5em;">This morning at 10 a.m. ET we'll get September existing home sales. Economists estimate that sales slipped to an annualized pace of 5.3 million. "Existing home sales rose unexpectedly in August as the upward move in mortgage rates encouraged further home buyer traffic," </span><a href="http://www.businessinsider.com/monday-scouting-report-oct-21-2013-2013-10">wrote Wells Fargo's John Silvia</a><span style="color: #222222; line-height: 1.5em;">. "We continue to expect existing home sales to edge higher, although the pace of improvement may be uneven in the months ahead. Our expectation is that sales will pull back 3.1 percent to a 5.31 million unit pace in September. Given the leaner inventory levels, existing home price appreciation will likely continue to be strong."&nbsp;</span><span style="color: #222222; line-height: 1.5em;">Thanks to the end of the government shutdown, this week we'll receive a spate of economic data that we missed. Tuesday morning, </span><a href="http://www.businessinsider.com/monday-scouting-report-oct-21-2013-2013-10">we'll get the long-awaited September jobs report</a><span style="color: #222222; line-height: 1.5em;">.</span></li>
<li><span style="color: #222222; line-height: 1.5em;">McDonald's will report earnings before the bell this morning, with economists expecting an EPS of $1.51, up from $1.43 a year ago. Energy giant Halliburton will also report this morning. Analysts are expecting EPS at $0.82, up from $0.67 the year previous quarter.</span></li>
<li><span style="color: #222222; line-height: 1.5em;">Interestingly, Bitcoin has <a href="http://www.businessinsider.com/bitcoin-has-gone-on-an-insane-surge-2013-10">surged from $140 to $190</a> over the course of a month. The price spike comes after the closure of Internet drug bazaar Silk Road, a development that many suspected would destroy the cryptocurrency used often on the site.</span></li>
<li><span style="color: #222222;">Mortgage watchdog FHFA will <a href="http://www.ft.com/intl/cms/s/0/c8cd9abc-39ad-11e3-a3a4-00144feab7de.html?siteedition=intl#axzz2iLh04U00">seek a $4 billion penalty</a> from Bank of America, the FT reports. "<span><span style="line-height: 1.5em;">The FHFA has sued 17 institutions asserting that they broke securities laws when selling the mortgage-backed securities to Fannie and Freddie," according to the FT. "Bank of America has the biggest potential exposure, with a notional value of the securities of more than $57bn compared with $33bn at JPMorgan."</span></span></span></li>
<li><span style="color: #222222;">For the first time since <a href="https://twitter.com/CVecchioFX/status/392222456770859008">July 3</a>, oil fell <a href="http://www.businessinsider.com/oil-is-on-a-big-downswing-2013-10">below $100 a barrel</a>. Oil prices have dropped significantly since the summer, when geopolitical tensions in the Middle East raised the price.</span></li>
<li><span style="color: #222222;">The Obama administration is planning a "tech surge" to <a href="http://www.businessinsider.com/hhs-plans-tech-surge-to-fix-website-2013-10">address the disastrous rollout of the Obamacare website</a>. "<span>T</span><span>he President will directly address the technical problems with HealthCare.gov &ndash; troubles that he and his team find unacceptable &ndash; and discuss the actions he has pushed for to make it easier for consumers to comparison shop and enroll for insurance while work continues around the clock to improve the website," a White House official told Business Insider's Rob Wile.</span><span><br /></span></span></li>
</ul><p><a href="http://www.businessinsider.com/opening-bell-monday-21-2013-10#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/opening-bell-wednesday-11-2013-910 Things You Need To Know This Morning (SPY, DIA, QQQ)http://www.businessinsider.com/opening-bell-wednesday-11-2013-9
Wed, 11 Sep 2013 06:58:00 -0400Steven Perlberg
<p><img style="float:right;" src="http://static5.businessinsider.com/image/523048e369beddd92ea48e76-480-/911-september-11-memorial.png" border="0" alt="9/11 september 11 memorial" width="480" /></p><p>Good morning. Here's what you need to know.</p>
<ul>
<li>Asian markets were mixed, with Japan's Nikkei closing up 0.01%; Korea's KOSPI up 0.49%; and Hong Kong's Hang Seng down 0.17%. European markets were also mixed, as were U.S. futures.</li>
<li>Last night, President Obama <a href="http://www.businessinsider.com/obama-speech-syria-2013-9">addressed the nation</a> on the need to take action in Syria. Though, when the president said that he had asked Congress to delay the vote in order to work on a diplomatic solution, <a href="http://www.businessinsider.com/market-reaction-to-obamas-syria-speech-2013-9">markets around the world spiked</a> (oil futures, on the other hand, <a href="http://www.businessinsider.com/oil-reaction-to-obama-syria-speech-2013-9">instantly dropped</a> before gaining back).</li>
<li>Japan's business sentiment is on the rise. The <a href="http://www.businessinsider.com/business-sentiment-soars-in-japan-2013-9">business survey index (BSI) came in at 15.2 in July-September</a>, compared with 5.0 in April-June. Japan's stocks have been on a tear this week, aided by<a href="http://www.businessinsider.com/japan-q2-gdp-revised-up-2013-9"> positive GDP revisions</a> and the announcement of the 2020 Tokyo Olympics.</li>
<li>UK unemployment <a href="http://www.businessinsider.com/uk-labor-data-2013-9">dropped to 7.7%</a> vs. expectations of 7.8% and jobless claims fell 36,000 vs. a predicted drop of 21,000. Bank of England head Mark Carney said last month the central bank <a href="http://www.businessinsider.com/bank-of-england-forward-guidance-2013-8">won't consider raising interest rates until 7% unemployment</a>.</li>
<li>More than 200 big name economics professors <span class="st">&mdash;</span> like Alan Blinder, Christina Romer, Joseph Stiglitz, and Robert Shiller <span class="st">&mdash;</span> have <a href="http://www.businessinsider.com/janet-yellen-open-letter-2013-9">signed an open letter asking President Obama to appoint Fed Vice Chair Janet Yellen</a> as Ben Bernanke's successor. "[Yellen's] knowledge of how the Fed sets policy, her understanding of the relationship between monetary policy and economic growth, and her ability to see and propose solutions to emerging economic problems is second to none," they wrote.</li>
<li>Bond king Jeff Gundlach of DoubleLine funds <a href="http://www.businessinsider.com/jeff-gundlachs-sept-10-presentation-2013-9">reiterated his calls for for interest rates and inflation to remain low in his latest webcast</a>. But Gundlach also addressed the bleak situation in emerging markets. "I would not own the Indian stock market," he said. "It looks very scary." Gundlach's position? "Long China, short India. Long Russia, short India."</li>
<li>Public Advocate <a href="http://www.businessinsider.com/nyc-mayoral-exit-polls-2013-9">Bill de Blasio came out victorious</a> in last night's Democratic primary for New York City mayor. It looks like De Blasio topped 40% in the polls, the figure he needed to beat to avoid a run-off. In the Republican race, former deputy mayor Joe Lhota beat businessman John Catsimatidis 52% - 40%.</li>
<li>The Greater Las Vegas Association of Realtors <a href="http://www.businessinsider.com/las-vegas-housing-inventory-2013-9">has reported 19 months of rising prices and increased inventory</a>. Non-contingent inventory has spiked 41.1% year-over-year, meaning that inventory has perhaps bottomed and prices will begin to slow in one of America's most distressed housing markets.</li>
<li>There are<a href="http://www.businessinsider.com/chinese-billionaires-2013-9"> 315 dollar billionaires in China</a>, up 64% from a year ago, Agence France Presse reports. A Chinese luxury magazine named Wang Jianlin as China's richest man, with $22 billion.&nbsp;</li>
<li type="_moz">Today <a href="http://online.wsj.com/article/SB10001424127887323595004579067333597965944.html?mod=WSJ_hps_LEFTTopStories">marks the 12th anniversary of the 9/11 terrorist attacks</a>. New York City will have a tribute at the September 11 Memorial at the World Trade Center site, the Wall Street Journal's Heather Haddon reports. "The names of the 2,983 victims lost in 2001 and the bombing of the site in 1993 will be read. Six pauses will mark when the planes hit the towers, when they fell and when the Pentagon and Flight 93 were attacked," the Journal reports.</li>
</ul><p><a href="http://www.businessinsider.com/opening-bell-wednesday-11-2013-9#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/opening-bell-august-27-2013-2013-810 Things You Need To Know This Morning (DIA, SPY, QQQ)http://www.businessinsider.com/opening-bell-august-27-2013-2013-8
Tue, 27 Aug 2013 07:11:00 -0400Rob Wile
<p><img style="float:right;" src="http://static1.businessinsider.com/image/521c886decad0483272ad43b-400-/indian-girl.png" border="0" alt="indian girl" width="400" /></p><p>Good morning! Here's what you need to know.</p>
<ul>
<li>Asian markets were mostly lower. The Nikkei closed down -0.69%, while Korea's Kospi composite was off -0.11%. India's BSE got rocked, falling -3.18%.&nbsp; European markets are down across the board, with Germany's FTSE down -1.44%. U.S. futures were lower.</li>
<li>Three big economic datapoints today: at 9 am, S&amp;P will publish the Case-Shiller Home Price Index for June. Analysts expect a seasonally-adjusted gain of 1.0% against 1.0% prior. Then at 10 am we get both Conference Board Consumer Confidence for August &mdash; 78.0 expected versus 80.3 prior &mdash; and the Richmond Fed Manufacturing Index for August, which is expected to show no gain against -11 prior.</li>
<li><a href="http://www.theglobeandmail.com/report-on-business/economy/currencies/indian-rupee-plumbs-new-depths-as-confidence-in-government-ebbs/article13965645/?cmpid=rss1&amp;utm_source=dlvr.it&amp;_rob_utm_medium=twitter">India's Rupee hit another new low</a>, ticking 66.075 against the dollar. The currency had already hit a record low of&nbsp;65.56 last Thursday. The most recent plunge was triggered by the government's announcement that it would be providing $20 billion in grain subsidies to the poor, <a href="http://www.theglobeandmail.com/report-on-business/economy/currencies/indian-rupee-plumbs-new-depths-as-confidence-in-government-ebbs/article13965645/?cmpid=rss1&amp;utm_source=dlvr.it&amp;_rob_utm_medium=twitter">Reuters' Swati Bhat and Manoj Kumar say</a>. The Rupee has also been hit by fears of U.S. Fed tapering.</li>
<li>Treasury Secretary Jack Lew told Congress in a letter that <a href="http://www.businessinsider.com/debt-ceiling-deadline-october-boehner-obama-deficit-shutdown-2013-8">the U.S. government would hit its debt limit sometime in mid-October</a>. Congress must now go through another round of deliberations to raise the debt ceiling, and some House Republicans are already demanding deep spending cuts, especially in "Obamacare," in exchange for doing so.&nbsp;</li>
<li><a href="http://www.businessinsider.com/larry-summers-to-be-named-fed-chair-2013-8">CNBC's John Harwood says an Obama Administration official told him that Larry Summers would be named new Fed Chair in a few weeks.&nbsp;</a></li>
<li>Germany's business climate index <a href="http://www.businessinsider.com/german-business-confidence-rises-to-its-highest-level-in-over-a-year-2013-8">improved to its best level in over a year</a>.&nbsp;Ifo Institute 's print for August ticked 107.5 against 107.0 expected and 106.2 prior. The index hasn't seen that level since April 2012.</li>
<li>After initially shrugging off Sec. of State John Kerry's remarks on Syria, Brent crude futures are up 1% this morning to $111.89, a level not seen since February. U.S.-traded WTI is up 0.92%. Gold is also up 1.33%. Also, major <a href="http://www.businessinsider.com/dubai-and-saudi-stock-markets-getting-totally-smoked-2013-8">Mideast stock markets are getting clobbered</a>.</li>
<li>Bill Ackman's Pershing Square group <a href="http://www.businessinsider.com/bill-ackman-gives-up-on-jc-penney-sells-entire-stake-2013-8">announced it would sell its entire stake in JC Penney</a>. The fund will have taken&nbsp;a 40% bath over the length of its 17.7% holding.</li>
<li>Energy Secretary Ernest Moniz <a href="http://www.detroitnews.com/article/20130827/AUTO01/308270037/Obama-may-revive-25-billion-auto-loan-program?odyssey=mod%7Cnewswell%7Ctext%7CFRONTPAGE%7Cp">told The Detroit News' David Shepardson that the agency is considering reviving its $25 billion auto loan program</a>. Created in 2007, the fund was halted in 2011 after two of five companies that had received loans stopped production. On the other hand, Tesla was also a recipient, and the company now enjoys a market cap about half of GE's.&nbsp;</li>
<li>The Wall Street Journal says <a href="http://online.wsj.com/article/SB10001424127887324694904578599632378204750.html?mod=rss_mobile_uber_feed">China is expected to begin formally dismantling key parts of its state investment fueled growth model during the Party's upcoming Plenum meeting</a>. "<span>Changes under consideration include lifting restrictions on land ownership and urban residency, adjusting the tax system to give more resources to cash-strapped local governments and relaxing controls on energy prices," the paper said. "Financial reforms to free up interest rates on bank deposits and allow money to flow more freely in and out of the country are also near the top of the agenda." The meeting is set to occur before year's end.</span></li>
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